Soybean futures were off their intraday lows on Tuesday but still settled with losses of fractionally in the new crop months as 2 ½ to 4 ¾ cents in the nerabys. The cmdtyView national average new crop Cash Bean price was down 1/2 cent today at $9.76 3/4. Soymeal futures are trying to break out, with Tuesday gains of 30 cents to $3.30/ton. Soy Oil was pressured by crude oil weakness, down 35 to 44 points.
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.
