Soybeans are trading with 6 to 7 cent gains on Wednesday morning. Futures were 10 to 11 cents higher in the front months on Tuesday, following meal gains. Open interest was up 9,913 contracts, suggesting net new buying. The cmdtyView national average Cash Bean price was up 14 1/2 cents at $12.60. Soymeal futures rallied $6.30 to $9.90, with Soy Oil 9 to 23 points higher in the front months and 2 to 28 points lower in the deferreds.
Harvest may be hampered in the near term, as eastern NE and SD through MN, IA, northern MO and the rest of the Eastern Corn Belt looking at more than 1-3 inches of rain.
