Soybeans are trading lower by 1 to 2 cents on Tuesday morning after rallying 6 to 7 ¼ cents higher on Monday. Preliminary open interest is down 223 contracts with 46 deliveries reported overnight. Cash bean prices are up 7 cents at $9.56 3/4. Soymeal futures are $1.00 to $4.20 higher, while Soy Oil futures are steady to 17 points higher.

NASS reports that 97% of the US soybean crop is setting pods, with 21% dropping leaves, 1% behind normal. Condition ratings are down 1% to 64% gd/ex, with the Brugler500 at 365.

USDA tallied soybean export shipments at 452,151 MT for the week ending on September 4, with 203,576 MT for the old crop year and 248,575 MT for the new crop year. Shipments were down 8% from last week but 23.78% above the same week last year. Top destinations include Mexico, Indonesia, and Japan.

Soybean prices closed at $10.13 1/2 for Sep 25, up 7 cents, with nearby cash at $9.56 3/4, up 7 cents. Nov 25 Soybeans closed at $10.33 3/4, up 6 3/4 cents, and Jan 26 Soybeans closed at $10.52 3/4, up 7 1/4 cents.

Austin Schroeder does not hold positions in securities mentioned. Information in this article is for informational purposes only. Originally published on Barchart.com.

Read more at Yahoo Finance: Soybeans Ease Lower on Tuesday Morning Despite Ratings Drop