Soybeans failed to see much buying out of the weekend, as contracts were down 9 to 13 cents at the close. The cmdtyView national average new crop Cash Bean price is down 10 cents today at $9.76 1/4. Soymeal futures were up a dime. Soy Oil was 23 to 27 higher in the front months.
The Monday afternoon Crop Progress report from USDA showed a total of 62% of the US bean crop blooming, with 26% setting pods. Condition ratings slipped 2% to 68% in good/excellent categories, as the Brugler500 was down 2 points to 373.
Following some weekend rains across the Corn Belt, forecasts continue to call for spotty totals near an inch over parts of the ECB later in the week. The Dakotas, MN, WI, and northern IA are expected to receive 1-2 and, in some cases, up to 4 inches in the early part of this week.
USDA reported soybean export inspections for the week ending July 17 totaled 364,990 metric tonnes (MT), up modestly from 338,255 MT a year ago and sharply higher than the 151.346 MT reported last week (after today’s revisions).
Aug 25 Soybeans closed at $10.15, down 12 3/4 cents,
Nearby Cash was $9.77 1/4, down 12 3/4 cents,
Sep 25 Soybeans closed at $10.10 1/2, down 10 1/2 cents,
Nov 25 Soybeans closed at $10.26, down 9 3/4 cents,
New Crop Cash was $9.76 1/4, down 10 cents,
