Soybeans are trading with 3 to 5 ½ cents losses so far on Tuesday morning. Futures fell 18 ¾ to 40 ½ cents across the board on Monday, with weaker products and an improving forecast playing a role. Open interest dropped 29,692 contracts on Monday, implying some profit taking. The cmdtyView national average Cash Bean price was 39 1/2 cents lower at $11.74 1/4. Soymeal futures were $5.50 to $11.10 lower, with Soy Oil futures down 104 to 287 points. Crude oil was down $7.40 to add pressure.
The Monday Crop Progress data from NASS showed 80% of the US soybean crop blooming by 7/26, up 6% from normal, with 47% setting pods and 8 percentage points faster than the 5-year average. Condition ratings were down 3% at 63% gd/ex, with the Brugler500 index dropping 6 points to 363.
