On Monday, soybeans are experiencing losses of 13 to 15 cents per bushel at midday, following Friday gains of 6 to 9 cents. The cmdtyView national average new crop cash bean price is at $9.72 3/4, down 14 ½ cents. Soymeal futures are trading $3.80 to $4.00 per ton lower, while soy oil is down 30 to 33 points in the front months.
In weather-related news, weekend rains across the Corn Belt and forecasts predict up to 4 inches of rain in the Dakotas, Minnesota, Wisconsin, and northern Iowa early this week.
The USDA reported that soybean export inspections for the week ending July 17 totaled 364,990 metric tonnes, an increase from 338,255 MT a year ago and significantly higher than the previous week’s 151,346 MT.
