Soybeans are trading with Wednesday AM gains of 8 to 9 cents so far. Futures held off the early weakness on Tuesday, as day session buying took price action 7 ½ to 11 ¾ cents higher into the close. Rumors of Chinese inquiries into the US sparked some buying interest early. Open interest suggested a rotation of ownership, down just 249 contracts. The cmdtyView national average Cash Bean price was up 10 3/4 cents at $10.77 3/4. Soymeal futures were up $1.50 to $2.80 at the close, with Soy Oil futures falling 55 to 145 points led by the nearbys.
The weekly Crop Progress report from NASS showed soybean condition ratings were back up 1% to 66% gd/ex, with the Brugler500 index up 1 points to 368. The crop was notedly improved in IN (+10), MN (+4), ND (+10) and SD (+11). Weakening conditions were tallied in IL (-7), IA (-6), NE (-12), and OH (-1).
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