Soybeans Collapse with Weather and Outside Pressures

Soybeans fell 18 ¾ to 40 ½ cents across the board on Monday, with weaker products and an improving forecast playing a role. The cmdtyView national average Cash Bean price was 39 1/2 cents lower at $11.74 1/4. Soymeal futures were $5.50 to $11.10 lower, with Soy Oil futures down 104 to 287 points. Crude oil was down $7.40 to add pressure. 

The Monday Crop Progress data from NASS showed 80% of the US soybean crop blooming by 7/26, up 6% from normal, with 47% setting pods and 8 percentage points faster than the 5-year average. Condition ratings were down 3% at 63% gd/ex, with the Brugler500 index dropping 6 points to 363.

The weekly Export Inspections report showed soybean shipments of 348,850 MT (12.82 mbu) in the week of 7/23. That was a 9.3% increase from the week prior but 18.5% below the same week last year. Mexico was the largest destination of 88,217 MT, with 65,154,620 MT shipped to Egypt and 57,290 MT to Japan. Shipments for the marketing year are now at 38.97 MMT (2.843 bbu) of soybeans, which is 17.5% below the same period last year.

The NOAA 7-day QPF shows 1 to 2 inches across much of IA, MO, IL, IN, and OH over in the next week. Eastern SD and southern MN are seen with 1 to 2 inches. 

Aug 26 Soybeans  closed at $12.08 1/2, down 39 1/2 cents,

Nearby Cash  was $11.74 1/4, down 39 1/2 cents,

Sep 26 Soybeans  closed at $11.99 3/4, down 40 1/2 cents,

Nov 26 Soybeans  closed at $12.13 3/4, down 39 3/4 cents,

New Crop Cash  was $11.55 3/4, down 39 1/2 cents,

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