Soybean futures are 4 to 5 cents higher this morning on Turnaround Tuesday fading after Monday weakness. August soybean meal was down $4.80/ton, with soy oil 13 points higher. The NASS resurvey of producers shows 76.7 million acres planted to soybeans, down 3.3 million from the June survey. FSA data also shows producers enrolling 4.351 million acres for soybean prevent plant as of August 1. USDA left projected yield unch from July at 48.5 bpa, taking production to 3.68 bbu (-165 mbu) on the smaller acreage. WAOB raised old crop ending stocks for the US by 20 mbu to 1.07 bbu, with new crop down 40 mbu to 755 mbu. World soybean carryout was up 1.55 to 114.53 MMT for old crop, with new crop down 2.79 to 101.74 MMT. The weekly Export inspections were 62% larger than last year at this time. Crop Progress data showed 82% of the soybeans blooming as of Sunday (93% avg), with 54% setting pods (76%). Condition ratings were unch on the gd/ex score at 54%, as the Brugler500 was down 1 to 346.
--provided by Brugler Marketing & Management