Soybeans Fades Lower into Monday’s Close

Soybeans closed the Monday session with contracts down 1 to 6 cents. The cmdtyView national average Cash Bean price was down 3 3/4 cents at $11.21 1/4. Soymeal futures were down 40 cents to $3.30, with Soy Oil futures 137 to 173 points higher.

Weekly Crop Progress data indicated 87% of the US soybean crop planted by Sunday, 7% faster than normal. Emergence was 8 percentage points ahead of average at 65%. Crop ratings were released this week, showing 66% of the US soybean crop in good or excellent condition, down 1% from the same week last year and below the 68% estimate. That translates to a 369 on the Brugler500 index, a 3-year low, and the 4^th lowest initial rating in the last 13 years.