On Tuesday, soybeans are trading down 6 to 9 cents, with the cmdtyView national average Cash Bean price at $11.24 3/4, an 8 1/2 cent decrease. The Export Inspections report indicates soybean shipments of 571,620 metric tons (21 million bushels) for the week ending May 21, more than double the shipments from the same week last year, but 20.8% lower than the previous year’s total of 35.135 million metric tons (1.29 billion bushels) shipped since September 1.
China is the largest destination, receiving 137,310 metric tons, followed by Egypt with 110,059 metric tons and Mexico with 75,442 metric tons. NASS is expected to release Crop Progress data this afternoon, with traders anticipating that 82% of the U.S. soybean crop will be planted as of Sunday. As of Tuesday, speculators have decreased their net long position in soybean futures and options by 7,011 contracts, bringing the total to 207,804 contracts.
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