Soybean futures closed mixed on Monday, with most front-month contracts steady to down 7 cents while deferred contracts edged fractionally to 1.25 cents higher. The national average cash bean price fell 6.75 cents to $10.64 1/4. Soymeal futures ranged from $1.50 lower to 10 cents higher, and soy oil futures rebounded 67 to 146 points. Crop Progress data showed 93 percent of the US soybean crop emerged by June 21, three percentage points above normal, with condition ratings steady at 66 percent good to excellent. Weekly export inspections totaled just 241,045 metric tons, up 54.8 percent from the prior week but 54.8 percent below the same week last year, with Mexico the top destination at 72,877 metric tons. Speculative funds cut their net long position by another 37,938 contracts to 52,818 contracts in the week ending June 16, according to CFTC data.
Weekly export inspections down 54.8% year-over-year, indicating weak demand.
Soymeal futures mixed with no clear demand signal; export data not specific to meal.
Soy oil futures rebounded 67-146 points, suggesting improved demand or sentiment.