Soybeans are showing 13 to 15 cent per bushel losses at midday on Monday, vs. the Friday settlements. Beans had posted Friday gains of 6 to 9 cents Preliminary open interest was up 1,214 contracts on Friday, suggesting a rotation of ownership. The cmdtyView national average new crop Cash Bean price is down 14 ½ cents today at $9.72 3/4. Soymeal futures are trading $3.80 to $4.00/ton lower at midday, erasing last week’s gains (August was up $3.70 last week). Soy Oil was 40 to 42 points lower in the front months earlier this morning but has reduced those losses to 30 to 33 points going into midday. .
Following some weekend rains across the Corn Belt, forecasts continue to call for totals near an inch over parts of the ECB later in the week. The Dakotas, MN, WI, and northern IA are expected to receive 1-2 and, in some cases, up to 4 inches in the early part of this week.
