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Soybeans rise early in midweek trade, helped by improved crop conditions
Crop Progress showed conditions improving 1% to 66% good to excellent, while deterioration was reported in several states including North Dakota.
Soybeans were higher in early midweek trading, gaining 7 to 9.25 cents as futures pared prior losses from Tuesday, according to Yahoo Finance.
The article said open interest rose by 1,907 contracts on Tuesday, while the cmdtyView national average cash bean price was down a nickel to $11.84.
Soymeal futures were up $2.80 to $3.00, while soy oil futures were lower by 45 to 50 points.
Crop Progress data from the USDA’s NASS showed condition improving 1% to 66% good to excellent overall, with deterioration noted in Missouri, North Dakota, and South Dakota, and an outlook that also pointed to 1 to 2 inches of rain in parts of the Midwest and Plains over the next week.
Latest closeSoybeans $1,241.00 ▲0.7%