Soybeans are down 4 to 7 cents so far on Tuesday morning. Futures failed to see much buying out of the weekend, as contracts were down 9 to 13 cents at the close. Preliminary open interest was up 1,685 contracts in Monday, suggesting new selling interest. The cmdtyView national average new crop Cash Bean price is down 10 cents today at $9.76 1/4. Soymeal futures were up a dime. Soy Oil was 23 to 27 higher in the front months.
The Monday afternoon Crop Progress report from USDA showed a total of 62% of the US bean crop blooming, with 26% setting pods. Condition ratings slipped 2% to 68% in good/excellent categories, as the Brugler500 was down 2 points to 373.
