Soybeans are fractionally in the green so far on Wednesday morning. Futures rounded out the Tuesday session with contracts up 7 to 8 cents across the front months. Tuesday’s preliminary open interest was up 9,179 contracts. The cmdtyView national average Cash Bean price was up 6 1/2 cents at $9.73 1/2. Soymeal futures were down a dime to 80 cents, with Soy Oil futures posting 59 to 93 point gains. Earlier today, EPA proposed adding additional volumes to RFS mandates for upcoming years to reallocate volumes from the SREs granted for 2023 and 2024. Current proposals are for 50% or 100% reallocation with a 45 day public comment period.
Weekly NASS Crop Progress data indicated 5% of the US soybean crop harvested by 9/14. Condition ratings were 1% lower to 63% as the Brugler500 index dropped 3 points to 362. Just KS (+3), NE (+2), and TN (+5) saw increases in ratings, with IL (-11), IN (-7), IA (-2), MN (-4), MO (-6), ND (-7), and OH (-7) all showing a deteriorating crop.
