Soybean futures are trading 3 to 4 cents per bushel higher this morning. They posted losses of mostly 10 cents in the nearby contracts on Monday. Preliminary open interest was up 2860 contracts. Soy meal was down $4.10 in the front month, with July 17 soy oil 35 points lower.The USDA reported weekly export inspections of 508,220 MT. That is an improvement of 77.11% from the previous week and nearly 2.5 times as large as last year. The 2016/17 exports YTD have been 286.24 million bushels larger than 2015/16 on this date. South America may have huge inventories, but the US is still shipping. Soybean planting progress advanced to 92% complete as of Sunday, 5% ahead of the average and 1% above last year. Soybeans are tied with last year at 77% emerged, which is 4% further along than the average. The initial condition ratings showed soybeans are nationally 66% g/e, vs. 74 last year. The Brugler500 index was 368 points, 13 points worse than last year.

Market Commentary provided by:

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