Soybeans: Bearish news: Brazilian farmers intend to increase soybean acres next season. World soybean production estimates have been revised upward due to increased soybean planting intentions in Brazil and South America.

China has 6 million tons of soybeans stored from last season that must be moved out to store new soybeans. Soybean prices in China are dropping. Chinese soybean imports in August were down 3.5 percent.

The good to excellent crop rating remains 64 percent where 55 percent is average. USDA says ending stocks will remain at 360 million bushels. Weekly export sales were as expected, 848,000 tons.

Bullish news: Soy-meal gained $6 a ton in one day last week. Soy-oil prices also increased. Argentine soybean crush has increased 22 percent in one year.

Private yield estimates are below USDA estimates for soybeans. Soybean fields in the Mid-South look good in many locations and poor in others. It is likely that yields will have an extremely wide range here and that USDA yield estimates will not be realized.

Soybean ending supplies were revised down from 360 million bushels to 300 million, reflecting higher demand. Weekly export inspections were up 6 million bushels near 14 million. China has purchased 150,000 tons Wednesday and Thursday.

Markets anticipate ending supply estimates to drop 70 million tons to 360 million total. Private production estimates are 40 million bushels below USDA at 3.4 billion.