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Soybeans dropped 2 to 7 cents on Monday, with July futures seeing 4 deliveries issued on Friday. The cmdtyView national average Cash Bean price fell 4.5 cents to $9.59 1/4, while soymeal futures decreased by $2.60 per ton and soy oil rose by 31 points. There were 198 delivery notices for July soybean meal.
In geopolitical news, President Trump announced a 30% tariff on the EU and Mexico effective August 1 and threatened new secondary tariffs on Russia if a resolution to the Ukraine war is not reached in 50 days. Additionally, USDA reported soybean export shipments for the week ending July 10 at 147,045 metric tons, down 63.2% from the previous week, with Mexico as the largest buyer at 32,507 metric tons.
Chinese soybean imports in June reached a record 12.26 million metric tons, though still lower than May’s 13.92 million metric tons. Weekly CFTC data indicated managed money in soybean futures flipped to a net short position of 6,216 contracts as of July 8, a shift of 6,641 contracts from the previous net long position.
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