The soybean market is trading with Tuesday morning losses of 11 to 12 cents, as they correct lower ahead of this morning’s USDA release. Soybeans rallied on Monday, following a Social post from the President on Sunday night. Futures closed with 20 to 24 front month gains. Preliminray open interest was down 4,506 contracts on Monday. The cmdtyView national average Cash Bean price was up 23 cents at $9.51 1/4. Soymeal futures posted gains on Monday, up $4.20 to $5.30. Soy Oil futures were 26 to 53 points higher. There were another 128 August soybean meal deliveries, with 87 issued for soybean oil. August expires on Thursday.
Crop Progress data from NASS on Monday afternoon showed 91% of the US bean crop blooming by Sunday, with 71% setting pods, both 1% behind normal. Soybean conditions were down another 1 percentage point to 68% gd/ex, with the Brugler500 index dropping back 1 point to 374.
