Soybeans closed with 6 to 7 ¼ cent gains on Wednesday, despite early weakness. There were 29 deliveries for November futures, totaling 1,736 for the month. Cash Bean price increased by 6 ¾ cents to $10.60. Soymeal futures rose $5.10 to $5.30, while Soy Oil futures fell 51 to 53 points.

Crop Production data is set for release on Friday, with soybean yield expected to decrease to 53.1 bpa and output to 4.266 bbu. Ending stocks are estimated at 304 mbu, up from 300 mbu in September’s report.

The market is monitoring export demand, awaiting confirmation from China on the 12 MMT in commitments announced in late October. Export Sales reports are lacking, adding uncertainty to the situation.

Soybean prices closed at $11.20 1/2 for Nov 25, $10.60 1/1 for Nearby Cash, $11.33 3/4 for Jan 26, and $11.44 for Mar 26. Austin Schroeder did not hold positions in mentioned securities. Source: Barchart.com.

Read more at Yahoo Finance: Soybeans Pull Off Early Lows to Close with Gains