Soybean Futures Rise Ahead of USDA Grain Stocks Report

Soybean futures are trading higher on Wednesday morning, extending gains from Tuesday's rebound. The price of November soybeans has risen to $12.97 3/4 per bushel, up 9 1/2 cents from the close on Monday. Open interest was down 2,845 contracts on Tuesday, while nearby cash prices have increased by 11 1/4 cents to $12.44 3/4 per bushel.

The USDA's Crop Progress report showed that 75% of the US soybean crop had dropped leaves as of September 27th, with harvest at 17% complete and matching the average pace. Condition ratings were steady at 58% good to excellent. The Brugler500 index was reported at 352.

The National Weather Service's 7-day QPF shows heavy rains across the central and western corn belt in the next couple of days, which could impact yields. Analysts polled by Bloomberg are expecting 321 million bushels of soybeans to be on hand at the end of August, down from last year's 325 mbu.