Soybean futures are trading with gains of 2 to 4 cents as of Tuesday morning. On Monday, most front month futures closed down 7 cents, while the cmdtyView national average cash bean price dropped 6.75 cents to $10.64 ¼. The weekly Export Inspections report for the week ending June 18 showed shipments of 241,045 MT (8.86 million bushels), marking a 54.8% increase from the previous week but a significant 54.8% decrease compared to the same week last year.
Crop Progress data from NASS reported that by June 21, 93% of the US soybean crop had emerged, which is 3% above normal. Condition ratings remain steady at 66% good/excellent. The CFTC’s Commitment of Traders data revealed that spec funds reduced their net long position by 37,938 contracts, bringing it to 52,818 contracts as of June 16.
The NOAA 7-day forecast predicts limited precipitation for eastern Nebraska, Iowa, northern Illinois/Indiana, and Ohio, while the Dakotas through Kansas may receive 1 to 2 inches. Additionally, President Trump announced that unfrozen Iranian funds will be allocated to the purchase of US agricultural products, including soybeans.
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