Soybeans are posting Turnaround Tuesday losses of 17 to 21 cents in the nearbys. This comes after USDA failed to show any deterioration in the US soybean crop over the last week. Products aren’t helping matters, with Soymeal futures down $7.10/ton in the October contract. Soy Oil futures are feeling pressure from a collapse in the crude oil, with losses of 82 points.  There were another 32 deliveries issued against September soybean futures overnight, taking the total to 404 since FND. For soybean meal. There were another 90 delivery notices.

Thursday’s Crop Production report is expected to show a slight 0.1 bushel per acre increase to yield at 53.3 bpa. Harvested acres are estimated to be left alone this month, with the production total 6 mbu higher than in August according to a Bloomberg survey of analysts at 4.595 bbu.

Crop Progress data showed 97% of the US soybean crop setting pods, with 25% of the crop with leaves dropping, up 4 percentage points from the 5-yar average. Condition ratings were changed across the board at 65% gd/ex, with the Brugler500 at 365.

Chinese soybean imports during August totaled 12.14 MMT according to the country’s Customs data. That was up 29% from last year’s August total.

Sep 24 Soybeans  closed at $9.81 3/4, down 18 1/4 cents,

Nearby Cash  was $9.34, down 21 1/2 cents,

Nov 24 Soybeans  closed at $9.96 1/2, down 21 1/2 cents,

Mar 25 Soybeans  closed at $10.29 1/2, down 20 cents,

New Crop Cash  was $9.34, down 21 1/2 cents,