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Soybean futures settled Tuesday trade a penny lower to 7 cents higher, with the weakness in August (-1 1/2) and the strength in November and January (+6 3/4). The six to ten day outlook changed overnight, and now the forecast for much of the soybean production area looks drier. Beans posted a 16 cent trading range (-2 to +14) on Turnaround Tuesday. Brazilian soybean exports were 8.4 MMT in July, nearly 40% larger than July in 2014. The soybean condition rating for Iowa improved significantly week to week, gaining 8 points on the Brugler500 Index. Indiana, Michigan, and Ohio all gained 5 points. The Mississippi crop took quite a hit, off 14 points from last week, and Louisiana lost another 6, following a 10 point loss last week.
Aug 15 Soybeans closed at $9.76, down 1 1/2 cents,
Sep 15 Soybeans closed at $9.48 3/4, up 3 3/4 cents,
Nov 15 Soybeans closed at $9.42 1/4, up 6 3/4 cents,
Jan 16 Soybeans closed at $9.47 3/4, up 6 3/4 cents,
Aug 15 Soybean Meal closed at $350.70, down $0.70,