Soybean futures are posting gains of 6 1/4 to 6 3/4 cents in the nearby contracts at midday. Soy meal is up $1.90 in the front month, with July 17 soy oil 20 points higher. Soybean condition ratings in most major growing areas are lower than last year, with parts of the ECB and Dakotas around 40 points worse than this time last year. On Tuesday, Informa Economics updated their 2017 soybean planted acres estimate to 89.362 million acres, down slightly from May’s number of 89.7 million acres. Analysts are expecting the NOPA report on Thursday to show May crush at 143.192 million bushels. That would be down 5.97% from last May but up 4.42% from April if realized. May 31 soy oil stocks are projected at 1.745 billion pounds, an increase from April and 12.49% lower than May 2016.

Jul 17 Soybeans are at $9.37 3/4, up 6 1/2 cents,

Aug 17 Soybeans are at $9.41 1/2, up 6 1/2 cents,

Sep 17 Soybeans are at $9.42 1/4, up 6 3/4 cents,

Nov 17 Soybeans are at $9.44 1/2, up 6 1/4 cents,

Jul 17 Soybean Meal is at $303.70, up $1.90

Jul 17 Soybean Oil is at $32.14, up $0.20

Market Commentary provided by:

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