Soybeans are extending the losses to 4 to 8 cents early on Tuesday. Futures collapsed on Monday, closing with losses of 24 to 29 cents on Monday. Preliminary open interest rose 4,268 contracts on Monday. There were 86 deliveries issued against July soybean overnight, all by the ADM house account. The cmdtyView national average Cash Bean price is down 23 ¼ cents at $9.90 ¾. Soymeal futures were $5.20 to $6.30/ton lower at the close, with Soy Oil was down 61 to 82 points.
There were another 473 deliveries against July meal overnight.Crop Progress data showed 32% of the US soybean crop looming by Sunday, slightly ahead of the 31% average, with 8% setting pods. Condition ratings were steady at 66% gd/ex, with the Brugler500 index up 1 point to 369.Monday morning’s Export Inspections report showed a total of 389,364 (14.3 mbu) of soybeans shipped in the week of 7/3.
That is up 64.5% from last week and 32.3% above the same week in 2024. Egypt was the top destination of 88,641 MT, with 78,551 MT headed to Indonesia and 71,716 MT to Mexico. Marketing year shipments are now at 46.25 MMT (1.699 bbu), which is 10.5% above the same period last year.Commitment of Traders data indicated managed money taking their net long position to just 425 contracts as of Tuesday, a 23,023 contract reduction on the week. In soybean meal, specs were a record net short of 131,938 contracts. Jul 25 Soybeans closed at $10.31 3/4, down 24 1/2 cents, currently up 1 ¼ centsNearby Cash was $9.90 3/4, down 23 1/4 cents,Aug 25 Soybeans closed at $10.31 1/2, down 24 cents, currently down 7 3/4 centsNov 25 Soybeans closed at $10.20 3/4, down 28 1/2 cents, currently down 4 3/4 centsNew Crop Cash was $9.72 1/4, down 28 1/4 cents, On the date of publication.
