Soybeans are posting 7 to 12 cent lower trade on Tuesday morning. They ended the Monday session with gains of 6 ½ to 20 cents across the board, led by the front months. Soymeal futures saw $1.30 to $5.30/ton gains across most contracts. Soy Oil helped the product value by rallying 71 to 105 points across the board.
The US soybean crop was 52% planted as of May 19, a 17% point move over the last week. That is now 3% above the 5-year average but lags the 61% pace from last year. NASS also reported 26% of the crop emerged, 5% above the normal pace.
Export Inspections data from Monday morning showed just 184,128 MT of soybeans shipped during the week that ended on May 16, less than half of last week and a MY low. That was still up 8.3% from the same week last year. Destinations were spread out, with 58,966 MT headed to Japan, 32,831 MT to Mexico, and 24,091 MT to Indonesia. The marketing year to date inspections are now 39.75 MMT, a 17.6% drop from last year.
Chinese customs data shows more than 8 MMT of soybeans imported in April, the majority from Brazil.
Jul 24 Soybeans closed at $12.48, up 20 cents, currently down 11 ¾ cents
Nearby Cash was $11.86 1/4, up 20 cents,
Aug 24 Soybeans closed at $12.43, up 17 3/4 cents, currently down 10 ½ cents
Nov 24 Soybeans closed at $12.16 3/4, up 13 1/2 cents, currently down 7 1/4 cents
New Crop Cash was $11.60 1/4, up 13 5/8 cents,
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