November soybeans are trading 34 cents lower midday following a sharply lower overnight trade. Soybean bulls are taking profits after beneficial rainfall moved across 50% of the US Midwest over the weekend. The rainfall should relieve stress for soybeans in the northern and eastern Midwest. Conditions should remain dry in the west and southwestern Corn Belt. Yield projections continue to be mixed with areas in the east offsetting some of the yield loss in the west. Crop condition ratings are expected to decline 1-2% for good/excellent conditions this afternoon. Soybean export inspections for the week ending August 2nd were pegged at 12.72 million bushels vs. 15.49 million bushels last week. Current inspections stand at 96.6% of the current USDA estimates vs. the 5 year average of 95.3%. Weekly inspections continue to exceed the pace needed to reach the USDA estimate. Inspections of only 10.47 million bushels are needed each week to meet the USDA goal for the 2011/12 marketing year.
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