Monday soy trading saw firmness for meal, while beans closed weaker. Soybean futures traded briefly in the black to close the overnight gaps, but otherwise spent most of the session lower. At the close, new crop prices were down by as much as 19 1/4 cents. Meal futures closed mixed with a 50 cent/ton gain in July contracts but a 20 cent loss for August. BO futures ended the session down 28 to 76 points. 

The weekly Crop Progress report confirmed 42% of new crop beans are planted. The 5-yr average is to be 22% planted by now, yet last week was already 24%. IA has reportedly planted 67% of new crop beans, which is up from their average of 30%. NASS reported soybean emergence at 10% nationally, compared to the 5-yr average of 4%. 23% of fields in IL were emerged on 5/9, where as the average is only for 5%. 

USDA’s weekly Export Inspections report showed 236,918 MT of soybeans were shipped through the week that ended May 6. That was up from the MY low 144k MT last week, but still 55% lower than the same week last year. 

May 21 Soybeans  closed at $16.20, down 1 cent,

Jul 21 Soybeans  closed at $15.87 1/2, down 2 1/4 cents,

Nearby Cash  was $15.97, down 2 1/8 cents,

Nov 21 Soybeans  closed at $14.14 1/4, down 19 1/4 cents,

New Crop Cash  was $13.64 5/6, down 19 1/4 cents,