Soybeans are trading with 1 to 2 cent losses early on Tuesday morning. Futures posted modest strength on Monday, with contracts up 1 ¼ to 5 ¾ cents across the board. Open interest was up just 2,694 contracts. The cmdtyView national average Cash Bean price was up 3 ½ cents at $11.36 1/4. Soymeal futures were down $1.80 to $4.40, with Soy Oil up 83 to 130 points. There were 4 delivery notices against August soybeans overnight, with 12 for bean oil.
Weekly Crop Progress data from NASS showed 93% of the US soybean crop blooming by 8/9, with 74% setting pods and 5 percentage points faster than the 5-year average. Condition ratings were down 1% at 62% gd/ex, with the Brugler500 index slipping 2 points at 361.
