Soybeans Post Mixed Monday Action

Soybeans closed mixed on Monday, with most front months steady to down 7 cents. Deferred contracts were fractional to 1 ¼ cents in the green The cmdtyView national average Cash Bean price was down 6 3/4 cents at $10.64 ¼. Soymeal futures were down $1.50 to 10 cents higher, with Soy Oil futures back up 67 to 146 points. 

Crop Progress data from NASS showed 93% of the US soybean crop emerged by 6/21, up 3% from normal, with 9% emerged and 3 percentage points faster than normal. Condition ratings were steady at 66% gd/ex, with the Brugler500 index up 1 point to 369.

The weekly Export Inspections report showed soybean shipments of just 241,045 MT (8.86 mbu) in the week of 6/18. That was up 54.8% from the week prior but 54.8% below the same week last year. Mexico was the largest destination of 72,877 MT, with 69,508 MT shipped to China and 27,399 MT to Indonesia. Shipments for the marketing year are now at 36.848 MMT (1.354 bbu) of soybeans, which is 19.3.01% below the same period last year. 

Weekly Commitment of Traders data from CFTC showed spec funds cutting back another 37,938 contracts from their net long in the week ending on 6/16. The net long was pegged at 52,818 contracts. 

The NOAA 7-day forecast shows portions of eastern NE, IA, northern IL/IN, and OH with limited precip in the next week. The Dakotas through KS are seen with 1 to 2 inch totals, as well as the southern portions of the ECB, with MO seen with heavier totals.

Jul 26 Soybeans  closed at $11.15 3/4, down 7 cents,

Nearby Cash  was $10.64 1/4, down 6 3/4 cents,

Aug 26 Soybeans  closed at $11.22 1/2, down 5 3/4 cents,

Nov 26 Soybeans  closed at $11.41 1/2, down 1 1/4 cents,

New Crop Cash  was $10.76 1/2, down 1 1/2 cents,