Soybeans are rallying on Tuesday, with bean oil continuing to pull the market higher. Futures are up 9 to 11 cents. The cmdtyView national average Cash Bean price is up 9 3/4 cents at $11.11 1/4. Soymeal futures are down 30 to 70 cents on the day, with Soy Oil futures up 220 to 240 points.
The weekly Crop Progress report from NASS showed the US soybean crop was pegged at 12% planted by April 19. That is well above the 5% average pace for this time of year and the 7% from last year. By state, just IA, MI, and WI were the only states below the average planting pace.
May 26 Soybeans are at $11.75 1/2, up 9 3/4 cents,
Nearby Cash is at $11.11 1/4, up 9 3/4 cents,
Jul 26 Soybeans are at $11.91 1/2, up 9 3/4 cents,
Nov 26 Soybeans are at $11.68 1/2, up 10 3/4 cents,
New Crop Cash is at $11.06, up 10 3/4 cents,
