Soybeans came out of the holiday weekend with contracts 2 to 18 ½ cents in the red, led by the front months on bear spreading. Soymeal was leading the losses with contracts down $4 to 9.90/ton.  Soy Oil posted strength on the day, with contracts up 42 to 57 points. 

Crop Progress data showed 68% of the US soybean crop was planted, now 5% ahead of the average pace. The Crop was 39% emerged, 3% ahead of the normal pace.

This morning’s Export Inspections report from FGIS showed soybean shipments at 212,105 MT (7.8 mbu) during the week of 5/23. That was a 10.3% increase from last week but down 17.3% from the same week in 2023. Shipments were pretty spread around, with 74,882 MT headed to China, 36,124 MT on its way to Egypt and 30,043 MT to Indonesia. Cumulative exports have totaled 39.969 MMT (1.469 bbu), which is still down 17.5% from the same time last year. 

Rio Grande do Sul soybean harvest (Brazil) is now thought to be 91% completed, having been delayed by flooding. The BA Grain Exchange estimates that Argentina soybean harvest is 78% completed, with their crop estimate just slightly above USDA at 50.5 MMT.

Jul 24 Soybeans  closed at $12.29 1/2, down 18 1/2 cents,

Nearby Cash  was $11.69 1/4, down 18 5/8 cents,

Aug 24 Soybeans  closed at $12.29, down 16 cents,

Nov 24 Soybeans  closed at $12.10 1/2, down 9 cents,

New Crop Cash  was $11.54 1/2, down 8 7/8 cents,