Soybeans are posting higher trade at Monday’s midday, with gains of 2 to 10 cents. New crop s still weaker. Preliminary open interest rose 21,689 contracts, with traders eager to play but not sure of the direction. There were zero deliveries vs. July soybeans, with none expected. The oldest long is dated February 23. Soymeal are up $1.90/ton, with Soy Oil futures 158 to 170 points higher and being helped by crude oil. There were zero deliveries against July soy meal over the weekend. There were 249 contracts issued against July BO, with 101 stopped by the ADM house account. 

Weekly Export Inspections data showed 303,023 MT (11 mbu) of soybeans shipped during the week of June 27. That was a 13.4% drop from the week prior and still 14.7% above the same week last year. The lead destination was Egypt at 111,037 MT, with 53,543 MT to Germany. Year to date bean shipments are at 41.54 MMT (1.526 bbu), still 16% behind the same period in the 22/23 marketing year.

May crush data will be released later this afternoon, with analysts surveyed by Reuters expecting to see 193.85 mbu of soybeans crushed during the month. Soy oil stocks are estimated at2.311 billion lbs, a 4.2% drop from the previous month if realized.

Ahead of the weekly Crop Progress report, traders surveyed by Bloomberg expect to see a 1% decline in soybean ratings to 66% gd/ex, with the range at 63-69% expected.

Jul 24 Soybeans  are at $11.58 3/4, up 8 1/4 cents,

Nearby Cash  is at $11.04 3/8, up 5 cents,

Aug 24 Soybeans  are at $11.44, up 10 1/2 cents,

Nov 24 Soybeans  are at $11.06 3/4, up 2 3/4 cents,

New Crop Cash  is at $10.52 3/8, up 0 cent,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.