Soybeans are trading with early Wednesday gains of 7 to 8 cents ahead of USDA’s Grain Stocks report. Futures saw strength on Tuesday, with contracts rebounding 4 3/4 to 9 ¾ cents higher. Open interest was down 2,845 contracts on Tuesday. The cmdtyView national average Cash Bean price was up 11 1/4 cents at $12.44 3/4. Soymeal futures were down 50 cents to $1.60 in the nearbys and 10 to 70 cents higher in the deferreds, with Soy Oil up 60 to 75 points.
USDA’s Crop Progress report from Monday indicated 75% of the US soybean crop dropping leaves as of 9/27. Harvest was tallied at 17% complete, now matching the average pace. Condition ratings were steady at 58% gd/ex, with the Brugler500 index at 352.