Soybeans posted a modest recovery on Tuesday following sharp Monday losses, with contracts up 2 ½ to 6 ¼ cents. The cmdtyView national average Cash Bean price was 3 3/4 cents higher at $11.78. Soymeal futures were $1 to 4.30 higher with front month August and exception, down 50 cents. Soy Oil futures were down 40 to 71 points.
The Monday Crop Progress data from NASS showed 80% of the US soybean crop blooming by 7/26, up 6% from normal, with 47% setting pods and 8 percentage points faster than the 5-year average. Condition ratings were down 3% at 63% gd/ex, with the Brugler500 index dropping 6 points to 363. Improvement was noted in MO (+7) and IN (+1), with NC, MI, and LA also seeing better conditions and AR/TN posting steady ratings on the Brugler500 index. The deterioration was seen in NE (-22), SD (-20), ND (-12), OH/MI/KS (-10), as well as MN/IL (-5), and IA (-3).
