Soybeans Double Digits Lower on Monday

Soybean futures closed Monday with most nearby contracts 13 to 13 1/2 cents lower. August soybean meal was down $2.80/ton, with soy oil 37 points lower. Cooler forecasts and rains from this weekend along with no news about Chinese purchases caused some selling pressure. This afternoon’s NASS report indicated that 40% of the US soybean crop was blooming as od 7/21 (66% avg), with 7% setting pods (28% avg). As expected, conditions were unch at 54% gd/ex and 347 on the Brugler 500index. USDA reported 559,462 MT of soybeans inspected for export during the week that ended on July 18. That was 34.6% below the week prior and down 23.17% from this week in 2018. Of that total, 317,456 MT was headed to China.

AUG 19 Soybeans are at $8.88 1/4, down 13 1/4 cents,

SEP 19 Soybeans are at $8.94, down 13 1/4 cents,

NOV 19 Soybeans are at $9.05 3/4, down 13 1/2 cents,

JAN 20 Soybeans are at $9.18 1/2, down 13 1/4 cents,

AUG 19 Soybean Meal is at $308.40, down $2.80,

AUG 19 Soybean Oil is at $27.73, down $0.37

--provided by Brugler Marketing & Management

Market Commentary provided by:

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