Soybeans futures are up today from yesterday’s USDA report induced setbacks. The USDA surprised trade expectations by forecasting the US 2017-18 soybean production to be a record large crop; a 50 million bushel bump from the August forecast. Yield was bumped up 0.5 bushels to 49.9 bu/acre, which is still down 2.2 bushels from 2016-17. A significant bright spot for soybean futures is the anticipated implemented changes to the U.S. biodiesel tax credit. It is expected that the Trump administration will renew the expired credit and switch it to a producer’s credit, which should create 600 to 800 million pounds of additional domestic derived soybean oil demand. Local soybean bids are in the $10.25- $10.50/bu FOB farm range. Faba bean supplies continue to be scarce and prices across the Prairies remained largely unchanged in the $6.50/bu delivered range.