Soybean prices are mixed at midday on Tuesday, with nearby August down around 2 cents as this is written, while new crop contracts (November and later) are up 1 cent or more per bushel from the Monday settlement. Bean prices were under pressure on Monday, and were down 9 to 13 cents at the close. Preliminary open interest was up 1,685 contracts on Monday, suggesting new selling interest. The cmdtyView national average new crop Cash Bean price is up ½ cent today at $9.77 3/4. Soymeal futures are up $2.10 to $2.50/ton. Renewable diesel input Soy Oil is suffering from weakness in the energy markets, down 25 to 30 points. August crude is down almost $1 per barrel at midday.
The Monday afternoon Crop Progress report from USDA showed 62% of the US bean crop blooming, with 26% setting pods. Condition ratings slipped 2% from the previous week to 68% in the good/excellent categories, as the broader Brugler500 index was down 2 points to 373. Iowa was rated 80% good or excellent, while the states east of the Mississippi River are at 60% or below. The national decline for the week was primarily in ND and KS, with Ohio and SD improving the most.
