Soybeans Slipping Lower on Monday

Soybeans are trading with front month losses of 8 to 9 cents and new crop down 3 to 5 cents. The cmdtyView national average Cash Bean price is down 8 1/2 cents at $11.00 3/4. Soymeal futures are up $2.10 to $3, with Soy Oil futures down 20 to 25 points. Crude oil is back up just $3.03 this morning, though more than $5 off the overnight highs following the breakdown of US/Iran negotiations this weekend.

Crop Progress will be updated later this afternoon, with analysts surveyed by Bloomberg looking for the US soybean crop to be 2% planted as of Sunday.

Monday morning’s Export Inspections report showed 814,562 MT (29.93 mbu) of soybeans shipped in the week of 4/9. That was 1.2% above the week prior and 46.8% larger than the same week last year. China was the largest destination of 345,815 MT, with 224,841 MT shipped to Egypt and 80,955 MT to Mexico. The marketing year total is now 31.51 MMT (1.158 bbu) of soybeans shipped since September 1, which is 25.2% below the same period last year.

CFTC data was released on Friday, showing spec traders cutting 23,777 contracts from their net long position in soybean futures and options as of 4/7. That net long stood at 189,630 contracts. In bean oil, managed money extended their record net long 14,873 contracts to 150,682 contracts.

Brazil’s soybean harvest according to AgRural was estimated at 87% as of Thursday.

May 26 Soybeans  are at $11.67 1/4, down 8 1/2 cents,

Nearby Cash  is at $11.00 3/4, down 8 1/2 cents,

Jul 26 Soybeans  are at $11.82, down 9 1/4 cents,

Nov 26 Soybeans  are at $11.53 3/4, down 4 cents,

New Crop Cash  is at $10.93 1/2, down 3 3/4 cents,