Soybeans Up 3 to 4 Cents Overnight

Soybeans futures are 3 1/2 to 4 1/2 cents per bushel higher in the nearby contracts in early trading Wednesday. Meal futures are up $1.20/ton and soy oil is up 17 points. Preliminary open interest for soybeans rose 3,168 contracts on Tuesday, suggesting some light buying interest. Losses in soybean crop ratings last week helped to support the market Tuesday. Monday’s conditions by state showed Brugler500 ratings up 7 points in IL, 5 in SD, and 2 points higher in IN. Conditions in IA were down 5 points, with MO 4 points lower and NE down 3. Results from day two of the Midwest Crop Tour had pod counts in Nebraska down 7% from last year. The average count in Indiana was down 30%. Source: Brugler Marketing & Management.




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