Soybeans are trading with 3 to 7 cent losses on Tuesday morning Futures were under pressure from bean oil on Monday, with contracts down 4 to 15 ½ cents across most months, led by the nearbys. Open interest was down 17,019 contracts, suggesting some modest long liquidation. The cmdtyView national average Cash Bean price was down 13 1/2 cents at $11.88 1/2. Soymeal futures were up $2.60 to $6.20 on the day, with Soy Oil falling back 189 to 227 points.
Weekly Crop Progress data from NASS showed 91% of the US soybean crop setting pods by 8/23, with 6% dropping leaves. Condition ratings were down 1% at 60% gd/ex, with the Brugler500 index falling 4 points to 357.
