Soybeans stumbled out of the bed on Monday with contracts collapsing into the close. Futures ended the session to open the week with losses of 18 to 27 cents. Soymeal futures were down $5 to $7/ton on the day. Soy Oil contracts were 23 to 111 points lower at the closing bell.
Crop Progress data showed 51% of US soybean now blooming as of July 14, 7% faster than normal. Soybeans were 18% setting pods on that date, ahead of the average pace by 6%. Soybean conditions were unchanged at 68% good/excellent, with a 1% shift from excellent to good, taking the Brugler500 index down 1 to 370. Estimates had called for a 1% increase to 69% gd/ex.
The USDA Export Inspections report indicated 168,593 MT (6.2 mbu) of soybeans shipped in the week that ended on July 11. That was 4.8% above the same week last year, but a drop of 42.7% from the previous week. Mexico was the lead destination of 65,762 MT. Year to date exports are 42.02 MMT (1.543 bbu) so far, down 15.8% from the previous year.
NOPA released updated June data this morning, indicating members crushed 175.6 mbu of soybeans during the month. That slipped 4.37% from the May total on the one less day, but was up 6.41% vs. last year. It was shy of the trade estimates at 177.94 mbu. NOPA member soy oil stocks were below estimates at 1.622 billion lbs at the end of June.
Aug 24 Soybeans closed at $10.78, down 27 cents,
Nearby Cash was $10.45 1/8, down 26 1/2 cents,
Sep 24 Soybeans closed at $10.33 3/4, down 24 3/4 cents,
Jan 25 Soybeans closed at $10.55, down 25 3/4 cents,
New Crop Cash was $9.86 7/8, down 25 cents,
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