Soybeans are trading with 6 to 7 cent losses on Tuesday AM. Futures rallied back on Monday, with longs putting the risk right back on and closing 15 to 24 cents higher on the session. Open interest was up 3,122 contracts on Monday. The cmdtyView national average Cash Bean price was up 24 1/2 cents at $12.69 3/4. Soymeal futures rallied $5.60 to $12 across the front months, with Soy Oil up 44 to 63 points.
USDA’s Crop Progress report from NASS showed 62% of the US soybean crop dropping leaves as of 9/20. Harvest was listed at 12% complete, ahead of the 8% average pace. Condition ratings were steady at 58% gd/ex, with the Brugler500 index slipping 1 point on a move from fair to poor at 352.
