Soybeans Nearing Double Digit Gains at Midday

Group 1: Soybean Market Overview - Soybeans are showing an increase of 9 to 10 cents across most contracts, with the exception of September contracts which are nearing expiration [1] - The national average cash bean price has risen by 9 1/4 cents to $9.57, while soymeal futures increased by $2.60 to $6.60 [1] - Soy oil futures remained steady or increased by up to 29 points, with 96 September soybean meal deliveries reported [1] Group 2: Export Sales and Commitments - The USDA's weekly Export Sales report indicated 541,055 MT of sales for the week of September 4, which is on the low end of analyst estimates [2] - A total of 767,049 MT of unshipped 2024/25 sales were carried over to the new marketing year, starting the 2025/26 marketing year with total commitments at 9.12 MMT, the second lowest since the 2009/10 marketing year [2] - Soybean meal sales were reported at 357,463 MT, falling within the middle of analyst estimates, while bean oil saw net reductions of 6,421 MT, below expectations [2] Group 3: Production Estimates - Argentina's soybean production is estimated at 47 MMT, down 2.5 MMT from the previous year due to lower acreage [3] - CONAB has raised its 2024/25 soybean crop estimates by 1.92 MMT to 171.47 MMT [3] - Current soybean prices include September at $10.05 1/2 (down 6 cents), nearby cash at $9.57 (up 9 1/4 cents), November at $10.34 3/4 (up 9 1/2 cents), and January at $10.53 3/4 (up 9 cents) [3]