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Austin Schroeder

MYSTERIOUS: Soybeans pushing higher early on wednesday | Mind Blowing Facts

CmdtyView MI

Soybeans are trading with gains of 9 to 10 cents so far on Wednesday. Futures slipped lower at midday, with contracts closing 5 to 6 cents in the red on Tuesday. Tuesdays preliminary open interest was up 5,374 contracts. The cmdtyView national average Cash Bean price was down 4 3/4 cents at $9.56 1/4. Soymeal futures were down $2.20 to $2.70/ton, as Soy Oil was 30 to 43 points higher. President Trump announced a preliminary trade deal with Indonesia on Tuesday, reportedly including commitments to purchase $4.5 billion in ag products.

Crop Progress rating improvement came in IL (+15), with MO (+10), ND (6), MN (+5), and IA (+1) all seeing stronger ratings. Conditions in MI were down 7, with SD slipping 3 and NE 1 point lower. 

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