Soybeans are trading with contracts steady to 2 cents lower in the front months and nearing penny gains in the new crop. There were 503 deliveries issued overnight. The cmdtyView national average Cash Bean price is doupwn 7 3/4 cents at $9.89 3/4. Soymeal futures are down $2.40 so far on the day, as Soy Oil is up 95 points. Another 642 contracts were issued for delivery overnight for July bean meal, with just 7 for July bean oil.

The NASS Crop Progress report tallied 94% of the US soybean crop emerged, with 17% blooming and 3% setting pods, both 1 point ahead of the 5-year average pace. Crop ratings were steady at 66% good/excellent, with the Brugler500 index improving 1 point on a shift from good to excellent at 368. Across the 18 major states, AR was up 11, LA 15 points higher, SD up 10 points, SD 9 points improved, and OH up 2. Ratings in IL were down 14 points, with IN dropping 5 and MN 3 points worse.

USDA’s Grain Stocks report from Monday morning showed 1.007 bbu of soybean stocks on June 1. That was 37 mbu larger compared to the year prior and well above estimates of 974 mbu. The annual Acreage report showed 83.38 million acres of soybeans planted, which was shy of the trade estimates of 83.5 million soybean acres and 115,000 acres below the March Prospective Plantings report.

Ahead of this afternoon’s Fats & Oils report, the trade is looking for 204.9 mbu of soybeans crushed during May. 

Brazilian exports were estimated at 13.93 MMT in June according to ANEC, which was a 0.1 MMT increase from their previous number. StoneX estimates the Brazilian soybean crop at 168.75 MMT, a 0.5 MMT increase from their prior number.

Jul 25 Soybeans  are at $10.22 3/4, down 1 1/2 cents,

Nearby Cash  is at $9.89 3/4, up 7 3/4 cents,

Aug 25 Soybeans  are at $10.29, down 3/4 cent,

Nov 25 Soybeans  are at $10.27 1/4, up 1/4 cent,

New Crop Cash  is at $9.79 1/2, up 3 cents,