Soybeans rounded out a stronger trade session on Tuesday with some contracts pulling nearly a dime off the intraday high. Still, futures were up 1 ¼ to 4 cents at the close, as front month August posted a 12 ½ cent rally. Soymeal futures settled the session with gains of $1.60 to $2.90/ton. Soy Oil futures were up 2 to 28 points in the nearbys, with deferreds down 4 to 11 points.
The cmdtyView cash soybean price index as of Tuesday evening was $10.60 ¼, with the national basis level 30 ¼ cents under the August board. That is the tightest basis since last August but is still worse than the 2 ½ basis level under August for the same day last year.
Crop Progress data soybean condition ratings unchanged at 68% good/excellent, with a 1% shift from excellent to good taking the Brugler500 index down 1 point to 370. There was some shifting among the major states, as IL was up 10 points, with ND 8 higher, MO up 3 and IN improving 2. Ratings in IA were down 8 points, with OH deteriorating 13 points, and MN down 4.
Aug 24 Soybeans closed at $10.90 1/2, up 12 1/2 cents,
Nearby Cash was $10.60 1/4, up 15 1/4 cents,
Sep 24 Soybeans closed at $10.37 3/4, up 4 cents,
Jan 25 Soybeans closed at $10.58 3/4, up 3 3/4 cents,
New Crop Cash was $9.89 1/2, up 3 3/4 cents,
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