Soybean futures finished Thursday trade with sharp losses of 23 to 33 cents. Aug soy meal was down $12.40/ton, with nearby bean oil 39 points lower. The biggest surprise came from the USDA production report, that showed soybean yield up 1.4 bpa from the July WASDE estimate to 49.4 bpa, increasing production to 4.381 bbu from 4.26 bbu. Old crop US ending stocks were lower by 40 mbu to 370 mbu, but new crop stocks are seeing a 15 mbu increase to 475 mbu because of the larger crop figure.
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