Soybeans are down 3 to 8 cents across most contracts on Monday. The cmdtyView national average Cash Bean price was down 9 1/4 cents at $11.25 3/4. Soymeal futures are down $2.80 to $4, with Soy Oil futures 119 to 131 points higher.
Export Inspections data showed 494,286 MT (18.16 mbu) of soybeans shipped in the week that ended on May 28. That was down 16.1% from last week but 64% higher than the same week last year. China was the top destination of 206,771 MT, with 110,873 MT to Egypt and 79,933 MT to Japan. Marketing year shipments have totaled 35.648 MMT (1.309 bbu), which is down 20.2% yr/yr.
Commitment of Traders data showed spec funds cutting 18,252 contracts from their soybean net long position in the week ending on May 26. Their net long was 189,552 contracts of futures and options as of Tuesday.
Soybean crush data from April will be released this afternoon, with traders looking for 214.7 mbu of soybeans used during the months. Soybean oil stocks are seen at 2.365 billion lbs.
Brazil’s soybean production number from StoneX was up 0.18 MMT from their previous estimate, at 181.8 MMT.
Jul 26 Soybeans are at $11.79, down 7 3/4 cents,
Nearby Cash is at $11.19 1/2, down 5 1/2 cents,
Aug 26 Soybeans are at $11.83 1/4, down 7 cents,
Nov 26 Soybeans are at $11.86 3/4, down 3 1/4 cents,
New Crop Cash is at $11.22 1/2, down 3 1/4 cents,
