Soybean futures are currently 2 to 3 cents higher after posting double digit gains yesterday. Nearby Nov was up 26 3/4 cents. Oct soy meal was up $11.50/ton, with nearby bean oil 16 points higher. The USDA reduced the national average soybean yield 0.4 bpa to 49.5 bpa. That left 2017 US soybean production unchanged at 4.431 mbu, as harvested acreage increased 740,000 acres to 89.5 million acres. The US ending stocks number was lowered 35 mbu, due to a known drop in carry over from 16/17. Ending stocks on the world side were tightened 1.48 MMT to 96.05 MMT. The USDA weekly export sales report is expected to show 17/18 soybean sales at 0.9-1.2 MMT this morning. Both soy meal and oil are projected to see a net reduction for 16/17 sales, as 17/18 is seen at 100,000-300,000 for meal and 5,000-22,000 MT for oil.

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