Soybean bears came out of the weekend with a vengeance, as contracts fell 16 to 30 ¼ cents across the board. There was no assistance from the products this time, as Soymeal was down $4.50 to $11.10/ton across the board. Soy Oil was 5 to 62 points lower on the session.
The US soybean crop was reported at 34% blooming as of July 7, 6% above normal, a 9% were setting pods. NASS showed condition ratings at 68% gd/ex, up 1%, as the Brugler500 index was up 2 points to 371. Drier parts of the Corn Belt in the east are expected to receive beneficial rains this week as Beryl tracks through most of IL and IN. The west is expected to shift drier.
Monday morning’s Export Inspections report from USDA tallied 273,321 MT (10 mbu) of soybeans exported during the July 4th holiday week. That was a 3-year low for the week and down 14.5% from the week prior. Germany was the lead destination of 109,903 MT, as Mexico was next up at 31,234 MT and 30,944 MT headed to Japan. Year to date exports for the marketing year are now at 41.83 MMT (1.537 bbu), which is a 15.9% drop from the same 10+ month total last MY.
This afternoon’s delayed Commitment of Traders report indicated managed money specs at a net short of 140,926 contracts on July 2, an 11,263 contract increase from the week prior.
Jul 24 Soybeans closed at $11.74 1/4, down 14 1/4 cents,
Nearby Cash was $11.12 3/4, down 17 1/4 cents,
Aug 24 Soybeans closed at $11.49, down 17 1/4 cents,
Nov 24 Soybeans closed at $10.99 1/2, down 30 1/4 cents,
New Crop Cash was $10.43 1/4, down 30 cents,
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