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Soybean futures are trading steady to fractionally higher on Tuesday, with the cmdtyView national average Cash Bean price steady at $9.35 3/4. Soymeal futures declined by $2.50 to $3.30, while Soy Oil futures rose by 2 to 3 points. Crop Progress data indicates that 61% of the U.S. soybean crop has leaves dropping, exceeding the normal by 1 percentage point, with the harvest at 9% complete.
Condition ratings for the soybean crop decreased by 2% to 61% rated good/excellent, with the Brugler500 index falling 4 points to 358, now 4 points below the same week last year. Notable improvements were observed in Illinois, Minnesota, and South Dakota, while Indiana, Iowa, Missouri, and Nebraska saw declines.
Additionally, overnight, Pakistan importers purchased 180,000 MT of U.S. soybeans. Following Argentina’s export tax suspension, China reportedly acquired several cargoes of Argentine beans.
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