Soybeans are showing 7 to 9 cent losses early on Monday morning. Beans posted Friday gains of 6 to 9 cents in the nearbys, as August was up 23 ½ cents over the course last week. Preliminary open interest was up 1,214 contracts, suggesting a rotation of ownership. The cmdtyView national average Cash Bean price was up 7 ¾ cents today at $9.90. Soymeal futures were $5.30 higher, as August was up $3.70 last week. Soy Oil was 40 to 42 points lower in the front months, with the weekly move of 207 points higher.
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. The 6-10 and 8-14 day outlooks are still looking for high odds of above normal temps.
