Soybeans are extending the losses to Tuesday’s midday, with contracts 6 to 11 ½ cents lower. The cmdtyView national average new crop Cash Bean price is down 6 1/2 cents at $9.52 1/2. Soymeal futures are continuing with weakness, with contracts down $3.10 to $3.20. Soy Oil is 17 to 27 points higher on the day.
The Monday afternoon Crop Progress report from USDA showed a total of 76% of the US bean crop blooming, with 41% setting pods. Condition ratings were back up 2% to 70% in good/excellent categories, as the Brugler500 improved 5 points to 378. Several fringe states saw a decline, with MN down 4. IL was up 8, with NE 7 points higher, IN and IA up 2 points, with OH and SD up 4
