Soybean futures experienced gains on Tuesday, with an increase of 9 to 11 cents. The cmdtyView national average cash bean price rose by 9 3/4 cents, reaching $11.11 1/4. Concurrently, soy oil futures jumped by 220 to 240 points, while soy meal futures fell by 30 to 70 cents.
The USDA’s weekly Crop Progress report indicated that 12% of the U.S. soybean crop had been planted by April 19, significantly higher than the 5% average for this time of year and the 7% from the previous year. Iowa, Michigan, and Wisconsin were the only states surpassing the average planting pace.
