Futures trading opened with soybean futures price at $11.76 per bushel today. Market chatter points to possible speculative buying ahead of next week’s climate data release, which could highlight reduced soil moisture levels globally. Minnesota Gov. Tim Walz, a Democrat, signed a proclamation Monday declaring this week "Soybean Week" to underscore the role these farmers play in the state's economy. How should we interpret the contrasting report reactions observed on September 12? It seems clear that the market simply doesn’t view the USDA production data as sufficiently up-to-date, particularly regarding the state of the US corn and soybean crops and their yield prospects in light of recent dry weather. Even the bearish news in the report couldn’t drive prices lower for long. At the same time, no market participant is going to pay higher prices for corn and soybeans now with harvest occurring so soon. The view is that the supply picture, especially the likely-to-be-a-record US crop, which has been viewed as adequate to maintain current price levels could still become burdensome. Big changes to balance sheets and prices may still be in the cards for 2025, even if the most likely outcome remains prices close to current levels. The soybean futures price ended midday trading at $11.77 per bushel, reflecting cautious optimism. Seasonal weather patterns suggest possible yield declines, which could push Q3 averages closer to $12.10 based on current demand-supply models in futures markets.