Bean Meal Whipsaws Following Crop Rating Report

Soybean meal prices whipsawed early on Tuesday following a larger-than-expected drop in crop ratings. The USDA said late Monday that 57% of the oilseed was rated good or excellent, 4% lower than the previous week. Prices have been buoyed by a weather forecast from the National Oceanic Atmospheric Administration, which estimates that the weather over the next 2-weeks will be cooler than normal. Hedge fund traders reduced…