Soybeans are trading with Tuesday losses of 6 to 9 cents so far at midday. The cmdtyView national average Cash Bean price is down 8 1/2 cents at $11.24 3/4. Soymeal futures are showing $1.80 to $2.50 losses, with Soy Oil futures 7 to 15 points higher.
Tuesday morning’s Export Inspections report showed soybean shipments of 571,620 MT (21 mbu) in the week of 5/21. That was more than double the same week last year and slightly above the previous week. China was the largest destination of 137,310 M, with 110,059 MT shipped to Egypt and 75,442 MT to Mexico. The marketing year total is now 35.135 MMT (1.29 bbu) of soybeans shipped since September 1, which is 20.8% below the same period last year.
NASS will release their Crop Progress data after the close this afternoon, with traders looking for 82% of the US soybean crop planted as of Sunday.
Commitment of Traders data from Friday showed spec funds trimming back their net long position by 7,011 contracts in soybean futures and options as of Tuesday, taking it to 207,804 contracts.
Jul 26 Soybeans are at $11.87 3/4, down 8 3/4 cents,
Nearby Cash is at $11.24 3/4, down 8 1/2 cents,
Aug 26 Soybeans are at $11.86 1/2, down 8 1/2 cents,
Nov 26 Soybeans are at $11.81, down 6 3/4 cents,
New Crop Cash is at $11.19 1/2, down 6 3/4 cents,
