Soybeans are trading with contracts fractionally lower. Futures came back on Tuesday to close with fractional to 3 ½ cent gains, led by the deferreds. Preliminary open interest dropped 1,346 contracts on Tuesday, with November seeing a 5,084 contract reduction. The cmdtyView national average Cash Bean price was 1 ¼ cents higher at $9.36 3/4. Soymeal futures were down 40 cents to $3.80 on Tuesday, with Soy Oil futures 18 to 35 points higher.
Crop Progress data showed condition ratings continuing to decline, down 2% to 61% gd/ex. The Brugler500 index (using all 5 USDA categories) was down 4 points to 358 and now 4 points below the same week last year. Improvement was noted in IL (+3), MN (+2), and SD (+1). Other states saw some deterioration, with IN an IA down 2, MO down 4, and NE slipping 3.
Following the suspension of the Argentina export tax, China has reportedly purchased several (reports of 10-15) cargoes of Argentine beans.
Nov 25 Soybeans closed at $10.12, up 1 cent, currently down ½ cent
Nearby Cash was $9.36 3/4, up 1 1/4 cents,
Jan 26 Soybeans closed at $10.31 3/4, up 1 1/4 cents, currently down ½ cent
Mar 26 Soybeans closed at $10.47 3/4, up 3/4 cent, currently down ¼ cent
