Cme soybean futures

NASS tallied 21% of the US soybean crop dropping leaves by Sunday, 1% behind normal. Progress in the west is lagging, with NE 19% back of the 5-year average, ND 18% behind, SD lagging by 16%, and IA 3% below average. Condition ratings were down 1% to 64% gd/ex, as the Brugler500 was 1 point lower to 365. By state, MO was down 9, IA slipping 2, SD dropping 8, and OH falling 22 points. Improvement was noted in NE, up 5, with IL up 3. For example, at a Soybean Meal settlement price of $286.90 per short ton, the price of meal converted to 44 lbs equals $6.31 (286.90 " 0.022). That same day, Soybean Oil settled at 41.72 cents per pound (or dollars per hundredweight), equivalent to $4.59 per 11 lbs (41.72 " 0.11). At these prices, Soybean Oilshare should be 42.10%, or (4.59 / (6.31 + 4.59)). CME soybean futures finished at $12.22, supported by firm global vegetable oil prices. Soy oil strength has historically correlated to soybean futures rallies, a relationship traders are closely monitoring for cross-market strategies.