Early strength in soybean prices was slowed by disappointing crush data, which left soybeans 1-2 higher at the close and well under early highs. Soy products finished mixed, with buying in soyoil lifting oil/meal spreads and pressing July meal down towards the lower end of it’s trading range. Commodity fund traders were estimated buyers of 3,500 soybean and 2,000 soyoil contracts, and sold 2,000 in meal.
NASS reported that as of Sunday US farmers had planted 32% of the US soybean crop, versus 14% last week and 34% a year ago. Progress in 8 of the 18 reported states were behind the 5 yr average, with Michigan being the slowest at 11%. The wettest parts of the Midwest were able to get back to work over the weekend, and progress will continue early in the week. Though weather model are projecting rains starting mid to late week.
Until the crop is in the ground and more is known about the upcoming growing season, we expect July beans are range bound from $9.50-10.
