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Soybean futures are currently 2 3/4 to 3 cents higher ahead of this morning’s USDA report. They ended Wednesday fractionally lower in the front months, with back months as much as a penny higher. Oct soy meal was down $1.30/ton, with nearby bean oil up 5 points. Soybean harvest in IA was 19% behind their 5-year average, at 26%, with NE harvesting just half of their typical amount for this week at 23% complete. Progress in the ECB was improving over the last week, with drier weather. Conditions in NE and MN were down 3 points, while IL was up 6 with IA 3 points higher in the Brugler500 Index. World ending stocks are projected to be slightly lower in Thursday’s WASDE report @ 97.2 MMT. Brazil’s 17/18 soybean crop is expected to drop to 109.8 MMT according to Celeres.

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