Soybeans are trading with early weakness on Tuesday, with contracts down 7 to 10 cents. Futures were busy firming into the Monday close, as contracts settled 3 to 7 ½ cents higher, with nearby August down 3 ¼ cents. Open interest was down 6,470 contracts, suggesting some modest short covering. The cmdtyView national average Cash Bean price was up 6 cents at $11.47 1/2. Soymeal futures were up 20 cents to $1.20, with Soy Oil 101 to 157 points higher. There were 123 deliveies issued against August soybeans overnight, with 0 for soy meal, and 572 for bean oil.
Weekly Crop Progress data from NASS showed 88% of the US soybean crop blooming by 8/2, with 62% setting pods and 7 percentage points faster than the 5-year average. Condition ratings were down steady at 63% gd/ex, with the Brugler500 index unchanged at 363.
