Soybean prices fell 9 to 15 cents across most contracts on Monday, influenced by the declining bean oil market amid crude oil prices dropping $6.70. The cmdtyView national average cash bean price decreased by 9 1/4 cents to $10.11 1/2. Soymeal futures also declined, falling by $1.50 to $1.80 per ton.
The USDA reported that U.S. soybean planting reached 96% completion for the week ending Sunday, trailing the five-year average of 97%. Soybeans’ emergence was at 90%, matching the average pace. However, soybean export shipments were recorded at a low of 192,890 metric tons, down 13.7% from the previous week and 44.9% year-over-year. Marketing year exports now total 45.62 million metric tons, up 10.6% from last year.
As of June 17, soybean speculators increased their net long positions by 33,526 contracts, totaling 59,165 contracts.
