Soybean futures are down 6 to 9.75 cents early on Monday, following a steady to lower close last Friday. The July contract, which expired today, showed a 3.5 cent increase last week, while November futures rose by 13.5 cents. The cmdtyView national average cash bean price is now $10.76 1/4, down 2.5 cents. Soymeal futures fell 40 cents to $1.80, whereas soy oil futures saw mixed results, gaining 2 to 49 points in nearby contracts but losing 10 to 48 points in deferred contracts.
The National Oceanic and Atmospheric Administration (NOAA) forecasts 1 to 3 inches of rain over the next week primarily affecting the eastern parts of the Dakotas, Minnesota, and eastern Nebraska, while southern Iowa and parts of Missouri will remain dry. Meanwhile, the latest Commitment of Traders report indicated that spec traders reduced their net long positions in soybeans by 16,139 contracts, bringing the total to 36,679 contracts.
Analysts expect the June Acreage report from the National Agricultural Statistics Service (NASS) to reveal 85.2 million acres of soybeans planted this spring. Current prices show July soybeans at $11.26 1/4, down 1.25 cents, while August is at $11.36 1/2, down 0.5 cents, and November at $11.56 1/4, down 0.75 cents.
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