Soybeans are 7 to 9 ¼ cents higher so far on Wednesday morning. Futures posted Turnaround Tuesday losses of 3 to 6 1/2 cents on the session pulling off early lows. Open interest was up just 1,907 contracts on Tuesday. The cmdtyView national average Cash Bean price was down a nickel at $11.84. Soymeal futures were $2.80 to $3.00 higher, with Soy Oil futures down 45 to 50 points.
Crop Progress data from NASS showed condition improving 1% to 66% gd/ex, with the Brugler500 index up 2 to 369. Deterioration was noted in MO (-1), ND (-4) and SD (-7). Ratings improved in IL (+6), IA (+9), MN (+2), NE (+5), and OH (+4).
The 7-day QPF from NOAA showed a band of 1 to 2 inches of rain in parts of NE, KS, and MO, as well as OH in the next week. The Dakotas, MN, WI, IA, IL, and IN remain on the drier side, with less than 0.5 inches expected.
Aug 26 Soybeans closed at $12.19 1/2, down 6 1/2 cents, , currently up 9 1/4 cents
Nearby Cash was $11.84 1/1, down 5 cents,
Sep 26 Soybeans closed at $12.10 1/2, down 5 cents, , currently up 8 1/2 cents
Nov 26 Soybeans closed at $12.22 3/4, down 3 1/2 cents, , currently up 8 1/4 cents
New Crop Cash was $11.63 1/4, down 3 1/2 cents,
