Soybean futures are trading 9 to 11 3/4 cents lower at midday. Nearby soy meal was down $8.50/ton, with front month soy oil down 19 points. Soybean acreage is estimated at 89.4 million acres in 2018 by Informa, above the current USDA projection of 89 million acres. Soybean planting progress was at or above normal for most states on Sunday, with exceptions for MN, ND, SD, and WI. This morning’s NOPA report showed soybean crush during April by NOPA members was 161.016 mbu. That was below last month but slightly above estimates and 15.7% larger than last year. Soy oil stocks were shown at 2.092 billion pounds.

Jul 18 Soybeans are at $10.06, down 11 3/4 cents,

Aug 18 Soybeans are at $10.09 3/4, down 11 1/4 cents,

Sep 18 Soybeans are at $10.10 3/4, down 10 cents,

Nov 18 Soybeans are at $10.14, down 9 1/4 cents,

Jul 18 Soybean Meal is at $379.10, down $8.50

Jul 18 Soybean Oil is at $31.06, down $0.19

Market Commentary provided by:

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