Soybeans are showing 1 to 2 cent gains to kick off Tuesday trade. They fell into the Monday close, as contracts were down 10 ¼ to 13 ¾ cents across the board. Preliminary open interest showed net new selling across most contracts, with all but the Nov up 18,041 contracts. CmdtyView’s national front month Cash Bean price was down 13 1/4 cents at $9.19.  Soymeal futures were down 90 cents to $1.70/ton on the day. Soy Oil got some pressure from the $3.81 losses in crude oil, as futures were down 91 to 146 points/lb. 

Crop Progress data indicated the US soybean harvest at 89% complete by Sunday, 11% ahead of the 5-year average pace of 78%.

The weekly Export Inspections report from FGIS showed 2.393 MMT (87.95 mbu) of soybeans in the week of 10/24. That was down 6.1% from last week’s total but 16.7% above the same week last year. China was by far the largest destination of 1.494 MMT, with 202,799 MT to Mexico, and another 167,366 MT to Taiwan. Marketing year shipments have totaled 10.406 MMT (382.33 mbu), which is now 2.2% above the same week last year and a 4-year high.

Nov 24 Soybeans  closed at $9.74, down 13 3/4 cents, currently up 2 cents

Nearby Cash  was $9.19, down 13 1/4 cents,

Jan 25 Soybeans  closed at $9.86, down 11 1/2 cents, currently up 1 cent

May 25 Soybeans  closed at $10.13 3/4, down 10 1/4 cents, currently up 1 cent