Soybeans Facing Monday Morning Weakness

Soybeans are showing losses of 6 to 9 ¾ cents early on Monday morning. Futures closed the Friday session with contracts steady to 1 ½ cents lower, as September was ¼ cent higher. July options expired today, with FND on Tuesday. July was up 3 ½ cents last week, with November 13 ½ higher. The cmdtyView national average Cash Bean price is down 2 1/2 cents at $10.76 1/4. Soymeal futures were down 40 cents to $1.80 on the day, with July hold on for a $5.70 gain last week. Soy Oil futures saw front month gains of 2 to 49 points, with deferred contracts were down 10 to 48 points, as July was 161 points higher since last week.

The updated 7-day QPF from NOAA showed 1 to 3 inches of rain over the next week, mainly in the Eastern half of the Dakotas, MN, eastern NE through the northwest half of IA and Wi. The south east portion of IA, MO, and the ECB remain dry in the next week.

Friday’s Commitment of Traders report showed spec traders trimming their net long in soybeans by 16,139 contracts, taking the net long to 36,679 contracts That came mainly via longs exiting, down 15,872 contracts.

Analysts surveyed by Bloomberg are looking for NASS to reported 85.2 million soybean acres planted this spring in their June Acreage report in Tuesday.

Jul 26 Soybeans  closed at $11.26 1/4, down 1 1/4 cents, currently down 6 1/2 cents

Nearby Cash  was $10.78, down 3/4 cent,

Aug 26 Soybeans  closed at $11.36 1/2, down 1/2 cent, currently down 7 1/4 cents

Nov 26 Soybeans  closed at $11.56 1/4, down 3/4 cent, currently down 9 3/4 cents

New Crop Cash  was $10.91 1/2, down 1/2 cent,