Soybeans Slipping Back on Turnaround Tuesday
Soybeans are posting Turnaround Tuesday losses of 4 to 8 cents so far at midday. The cmdtyView national average Cash Bean price is down 7 1/24 cents at $11.82 3/4. Soymeal futures are $2.30 to 3.50 higher, with Soy Oil futures down 70 to 83 points.
Crop Progress data from NASS showed 66% of the US soybean crop blooming by 7/19, up 6% from normal, with 32% setting pods and 8 percentage points faster than normal. Condition ratings were improved 1% to 66% gd/ex, with the Brugler500 index up 2 to 369. Deterioration was noted in MO (-1), ND (-4) and SD (-7). Ratings improved in IL (+6), IA (+9), MN (+2), NE (+5), and OH (+4).
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The 7-day QPF from NOAA showed a band of 1 to 2 inches of rain in parts of NE, KS, and MO, as well as OH in the next week. The Dakotas, MN, WI, IA, IL, and IN remain on the dries side, with less than 0.5 inches expected.
Aug 26 Soybeans are at $12.18, down 8 cents,
Nearby Cash is at $11.82 3/4, down 7 1/2 cents,
Sep 26 Soybeans are at $12.09 3/4, down 5 3/4 cents,
Nov 26 Soybeans are at $12.22 1/4, down 4 cents,
New Crop Cash is at $11.62 1/2, down 4 1/4 cents,
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