Soybeans are posting 1 to 3 cent gains on Monday, shaking off the early session gains. The cmdtyView national average Cash Bean price is up 3 ½ cents at $10.63. Soymeal futures are down 10 to 30 cents, with Soy Oil futures 28 to 49 points lower. Crude oil is down $4.27 at midday, and provided early pressure after the US and Iran came to a peace deal over the weekend.
NOPA data was updated this morning, with the report showing just 208.785 mbu of soybeans crushed during May, well below the average trade guess and near the low end of estimates. That was up 8.27% from last year but down 1.45% from April. Soybean oil stocks were tallied at 1.735 billion lbs, below estimates and a draw of 10.9% from last month.
