Soybeans are trading with 2 to 5 cent gains on Tuesday morning. Futures saw gains of 2 ¼ to 5 ½ cents across the board on Monday. Net new buying was noted, with open interest up 2,921 contracts, heavily in November (+3,969). The cmdtyView national average Cash Bean price was up 5 1/4 cents at $11.46 1/2. Soymeal futures were up $1.90 to $5.40, with Soy Oil futures 2 to 58 points lower.
The weekly Crop Progress report from NASS showed the US soybean crop at 49% planted by May 10, still well above the 36% average pace for this time of year. Emergence was at 20%, vs. 12% on average.
