Soybeans up ahead of weekly USDA crop numbers

Soybeans were higher on fund and technical buying but ended the session closer to the session’s lows than the highs. The USDA was expected to lower the national good to excellent rating following recent weather issues. The USDA says 66% of U.S. soybeans are in good to excellent shape, 3% lower than a week ago, with 95% at the pod setting stage, compared to the five-year average of 93%, and 8% dropping leaves, matching the average pace. Some of the drier areas of the Midwest had less than half of normal rainfall in August and parts of the region will continue to see a dry near-term pattern, while other areas should see near ideal conditions. Weekly export inspections were towards the low end of estimates, mainly to China and Mexico. The trade is also watching weather in Brazil ahead of widespread planting. Soybean meal was higher and bean oil was lower on the adjustment of product spreads. According to Statistics Canada, canola production is currently projected at 19.403 million ...