Soybeans are trading with 1 to 2 cent higher trade so far on Wednesday. Futures closed mixed on Tuesday, with front months steady to 1 ½ cents higher and deferreds up 1 to down 1 ¼ cents. Open interest was down 6,880 contracts. The cmdtyView national average Cash Bean price was up 1 1/2 cents at $10.66 ¾. Soymeal futures were up $2.10 to $3.10 in the nearbys, with Soy Oil futures back down 32 to 56 points.
Crop Progress data from NASS showed 93% of the US soybean crop emerged by 6/21, up 3% from normal, with 9% blooming and 3 percentage points faster than normal. Condition ratings were steady at 66% gd/ex, with the Brugler500 index up 1 point to 369. Ratings dropped 2 points in IL, with IA down 7, MN slipping 6 points, MI losing 2, ND down 8, and SD losing 3 points. Improvement was noted in IN up 20, with NE 12 points higher, OH up 4 points, with a few other fringe states seeing improved ratings.
