Soybeans are trading with 41 to 42 ¼ cent losses across most contracts on Monday. The cmdtyView national average Cash Bean price is 41 1/2 cents lower at $11.72 1/2. Soymeal futures are $11.20 to $11.70 lower, with Soy Oil futures down 250 to 279 points. Crude oil is down $6.63 to add pressure.
The weekly Export Inspections report showed soybean shipments of 348,850 MT (12.82 mbu) in the week of 7/23. That was a 9.3% increase from the week prior but 18.5% below the same week last year. Mexico was the largest destination of 88,217 MT, with 65,154,620 MT shipped to Egypt and 57,290 MT to Japan. Shipments for the marketing year are now at 38.97 MMT (2.843 bbu) of soybeans, which is 17.5% below the same period last year.
The NOAA 7-day QPF shows 1 to 2 inches across much of the Corn Belt from NE across much of IA, MO, IL, and IN over in the next week. The Dakotas and MN are seen with less than 0.5 inch, and spotty totals up to an inch.
Commitment of Traders data from Friday afternoon showed spec traders adding a large 52,212 contracts to their net long position in soybean futures and options in the week ending on July 21. The net long was 124,900 contracts by Tuesday.
Aug 26 Soybeans are at $12.06 3/4, down 41 1/4 cents,
Nearby Cash is at $11.72 1/2, down 41 1/2 cents,
Sep 26 Soybeans are at $11.98, down 42 1/4 cents,
Nov 26 Soybeans are at $12.11 3/4, down 41 3/4 cents,
New Crop Cash is at $11.52 1/4, down 42 cents,
