Soybeans are trading with contracts fractionally lower. Futures came back on Tuesday to close with fractional to 3 ½ cent gains, led by the deferreds. Preliminary open interest dropped 1,346 contracts on Tuesday, with November seeing a 5,084 contract reduction. The cmdtyView national average Cash Bean price was 1 ¼ cents higher at $9.36 3/4. Soymeal futures were down 40 cents to $3.80 on Tuesday, with Soy Oil futures 18 to 35 points higher.
Crop Progress data showed condition ratings continuing to decline, down 2% to 61% gd/ex. The Brugler500 index (using all 5 USDA categories) was down 4 points to 358 and now 4 points below the same week last year. Improvement was noted in IL (+3), MN (+2), and SD (+1). Other states saw some deterioration, with IN an IA down 2, MO down 4, and NE slipping 3.
