Soybeans are showing 3 to 6 cent gains at Monday’s midday. The cmdtyView national average Cash Bean price is up 3 3/4 cents at $10.90 1/4. Soymeal futures are down $1.50 to $2, with Soy Oil futures up 7 to 10 points.

Early on Monday morning, President Trump put out a Truth Social post ordering the military to postpone strikes against Iranian power plants and energy infrastructure for 5 days after weekend tales were “good and productive.” Iran state media responded stating there was no direct or indirect contact with the President. Oil is down $9.03 at midday.

A private export sale of 161,120 MT of soybeans was reported to Mexico by USDA this morning.

Monday morning’s Export Inspections report showed 1.101 MMT (40.48 mbu) of soybeans shipped in the week of 3/19. That was 12.3% above the week prior and 32.1% larger than the same week last year. China was the largest destination of 664,967 MT, with 183,999 MT shipped to Egypt and 79,998 MT to Japan. The marketing year total is now 29.182 MMT (1.072 bbu) of soybeans shipped since September 1, which is 27% below the same period last year. 

Commitment of Traders data showed spec funds trimming back their soybean net long position in the week ending on 3/17 by 20,110 contracts. That took their net long to 201,997 contracts as some longs were liquidating. In bean oil futures and options, managed money closed in on their previous record net long position, adding 13,518 contracts to a net long of 122,356 contracts.

Brazil’s soybean harvest is estimated at 68% harvested as of Thursday, which still lags the 80% paced from last year according to AgRural.

May 26 Soybeans  are at $11.64 3/4, up 3 1/2 cents,

Nearby Cash  is at $10.90 1/4, up 3 3/4 cents,

Jul 26 Soybeans  are at $11.80, up 3 1/2 cents,

Nov 26 Soybeans  are at $11.46 1/2, up 5 1/2 cents,

New Crop Cash  is at $10.84 3/4, up 5 cents,