Soybeans are down 9 to 10 cents across the front months on Monday. The cmdtyView national average new crop Cash Bean price is down 9 1/4 cents at $9.60 1/2. Soymeal futures are fading lower, with contracts $1.90 to $2.10. Soy Oil was is 2 to 6 points higher at midday.

This morning’s Export Inspections report showed a total of 409,714 (15.05 mbu) of soybeans shipped in the week of 7/24. That is up 8.7% from last week and 0.3% above the same week in 2024. Egypt was the top destination of 154,434 MT, with 75,603 MT headed to Netherlands and 72,432 MT to Mexico. Marketing year shipments are now at 47.2 MMT (1.734 bbu), which is 10.4% above the same period last year.

 

The US and EU announced the framework for a trade agreement over the weekend, which includes 15% US tariffs on most EU goods, $750 billion in US energy purchases over 3 years, and EU lowering some tariffs on US ag goods. Nothing is official, nor has much been announced in relation to ag. The US and China are also expected to extend the pause on increased tariffs for another 90 days, as the two countries meeting is expected to resume today in Sweden.

Weekly Commitment of Traders data indicated a total of 21,412 contracts were cut from the managed money net short position in soybean futures and options as of July 22. That took their net position to 10,886 contracts by Tuesday. 

Over the weekend, President Milei of Argentina announced a reduction in the export tax on soybeans back to 26%, from 33%, with meal and oil dropping from 31% to 24.5%. 

Aug 25 Soybeans  are at $9.88 1/2, down 10 1/4 cents,

Nearby Cash  is at $9.55 1/4, down 10 cents,

Sep 25 Soybeans  are at $9.92, down 10 cents,

Nov 25 Soybeans  are at $10.11 1/4, down 9 3/4 cents,

New Crop Cash  is at $9.60 1/2, down 9 1/4 cents,