Soybean futures were 2 to 4 cents higher on Wednesday. Sept soy meal was up 80 cents/ton, with nearby bean oil 11 points higher. Traders are projecting the USDA will lower old crop ending stocks by 9 mbu to 361 mbu next week. Those same estimates show new crop soybean ending stocks down 36 mbu to 439 mbu. Canadian canola stocks as of July 31 were reported at 1.348 MMT, down 35.54% from July 2016. Abiove estimates 17/18 Brazilian soybean production at 108.5 MMT, vs. the current year projection of 113.8 MT.
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