Soybean futures global soybean demand metrics showed

Global soybean demand metrics showed improvement, bolstering futures. CBOT November futures closed at $13.21, with analysts noting that reduced container freight rates are improving export economics for U.S. shipments to Southeast Asia. While last week’s big China purchases of tax-free Argentine soybeans was a newsmaker and a psychologically bearish development for the soybean futures market, the overall global supply and demand balance has not changed. The Argentina-China soybean news last week has been digested by grain market traders, and their focus now is on today’s important USDA quarterly grain stocks report that is out at midday. This report has a history of USDA making significant grain stocks revisions that impact grain markets’ prices. A Reuters survey of grain analysts shows the average estimate for Sept. 1 U.S. soybean stocks of 323 million bushels. That would be down 5.6% from the prior year and below the 330 million bushels USDA projected for 2024/25 soybean ending stocks in its Sept. 12 monthly supply and demand report. Record high temperatures likely in Northern Plains, upper Mississippi Valley, Great Lakes... The National Weather Service today reports that east of the Rocky Mountains an existing upper ridge will promote above average to well above average temperatures for most areas. Record high afternoon temperatures and record high morning low temperatures are likely to stretch from the Northern Plains into the upper Mississippi Valley and Great Lakes over the next two days. Across these areas, high temperatures Friday and Saturday are expected to be in the mid-80s to lower 90s, ranging from 15 to 30 degrees above average. This late-season heat wave will produce moderate to major heat risk across parts of the Dakotas, Minnesota, Iowa, western Wisconsin, and into northern Illinois. Relief from this heat will begin late this weekend as a strong front pushes eastward across the north-central U.S. Soybean futures showed resilience today, reversing early losses after private crop analysts downgraded Argentina's yield forecast by 5%. The March contract closed at $13.12, supported by brisk export sales and resilient global crush demand from Asia.