Soybean futures faced weakness for much of the session, as the wetter outlook and weaker products continue to pressure the market. Contracts closed with 7 to 10 cents losses. The cmdtyView Cash Bean price was down 7 1/2 cents to $9.88 3/4. Soymeal futures posted 80 cent to $2.30ton losses, as Soy Oil are down another 13 to 68 points.

Crop Progress data showed the US soybean crop at 84% planted, now 4 percentage points ahead of normal, with 63% emerged, leading the 57% 5-year average pace. Initial condition ratings were released, with 67% of the crop in good/excellent condition, matching trade ideas. That translates to a 370 on the Brugler500 index, which is down from the 379 initial score from last year. 

The NASS Fats & Oils report was released after the close, with a total of 202.4 mbu of soybeans crushed during Apil, exceeding estimates. That was a drop of 2.11% from last month, but 13.98% above April 2024. Total soybean oil stocks took a 5% dip from last month to 1.975 billion lbs, which was still 14.5% below the end of April 2024.

Export Inspections data showed a slight jump in soybean shipments to 268,343 MT (9.86 mbu) during the week of May 29. That was up 34.2% from the previous week but down 25.7% from the same week last year. China was the largest destination of 64,998 MT, with 57,487 MT headed to Bangladesh and another 34,927 MT to Mexico. Marketing year exports have totaled 44.61 MMT (1.639 bbu) as we close in on the fourth quarter, which is 10.7% above the same period last year.

AgRural raised their Brazil soybean crop estimate by 1.3 MMT to 169 MMT, in line with the latest USDA number. The latest StoneX number was 168.25 MMT

Jul 25 Soybeans  closed at $10.33 1/2, down 8 1/4 cents,

Nearby Cash  was $9.88 3/4, down 7 1/2 cents,

Aug 25 Soybeans  closed at $10.27 1/4, down 9 1/2 cents,

Nov 25 Soybeans  closed at $10.17, down 9 3/4 cents,

New Crop Cash  was $9.56 1/2, down 7 cents,