Soybeans are down 3 to 5 cents so far on Monday morning. The market settled 5 ¼ to 7 ½ lower on Friday, after hitting the highest front month prices since mid-May early in the session. The cmdtyView national average Cash Bean price is down 5 3/4 cents at $10.20 3/4. Soymeal futures settled 20 to 90 cents lower, giving up modest midday gains in favor of holding cash over the weekend.  Soy Oil saw nearby July hit the highest price for the contract since 2023 on Friday morning, but futures closed 30 to 37 points lower. Crude oil is up just 40 cents this morning following the US strikes on Iran nuclear facilities over the weekend.

The weather outlook for next week has some heavy rains from NE, the southeast corner of SD, Southern MN, IA, and WI totaling from 1 to up to 5 inches in some parts. The Southern Plains, through MO and the Eastern Corn Belt is looking at smaller totals. 

Friday morning’s Export Sales report tallied soybean sales for 2024/25 exceeding the 0 and 400,000 MT trade expectations in the week of 6/12 at 539,511 MT. That was a 14-week high and 8.3% above the same week in 2024. New crop sales were at 75,151 MT, in the middle of the 0 to 200,000 MT estimates and the highest in 5 weeks.

Soybean meal sales for last week totaled 174,302 MT, with just 160,281 MT for the current marketing year and on the low side of the trade ideas at 150,000 to 450,000 MT. Soybean oil sales were a net negative 1,473 MT on deferrals and cancellations, weaker than trade estimates of 0 to 32,000 MT for bean oil. 

Jul 25 Soybeans  closed at $10.68, down 6 3/4 cents, currently down 3 3/4 cents

Nearby Cash  was $10.20 3/4, down 5 3/4 cents,

Aug 25 Soybeans  closed at $10.71 1/2, down 5 1/4 cents, currently down 4 1/4 cents

Nov 25 Soybeans  closed at $10.60 3/4, down 7 1/2 cents, currently down 5 cents

New Crop Cash  was $10.07 ¼, down 7 ¼ cents,