Soybean futures saw gains of 4 to 8 3/4 cents on Friday. Oct soy meal was up $4.70/ton, with nearby bean oil down 2 points. Soybean stocks for September 1 were reported at 301.33 mbu by the USDA this morning. Compared to last year that is a 104 mbu upward shift from September 2016’s 197 mbu, but down 44 mbu from 345 mbu in the latest WASDE report. The USDA lowered 2016/17 soybean production 11 mbu to 4.296 bbu, with the average yield down 0.1 to 52 bpa.
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