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Soybeans are currently trading 2 to 3 cents higher on Wednesday morning, following a rebound on Tuesday with futures up 2 to 4 ¼ cents. The cmdtyView national average Cash Bean price rose 4 ¼ cents to $9.44 1/4. November soybeans have averaged $10.19 over the first five days of October, impacting crop insurance calculations. However, due to a government shutdown, there will be no USDA Crop Production report this Thursday.
According to a Reuters survey, the expected yield is 53.2 bushels per acre, a decrease of 0.3 bushels from September, with total production estimated at 4.271 billion bushels. The European Commission reports EU soybean imports from July 1 to October 5 at 3.28 million metric tons, compared to 3.41 million metric tons the previous year.
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