Soybean futures are showing gains of 3 1/2 cents in the front months on Monday. July 17 soy meal is up $1.10, with soy oil 13 points higher in the front month. Soybean export inspections for the week of June 15 were lowered 46.17% from last week and 12.66% from a year ago to 275,461 MT. top end soybean condition ratings are seen by analysts as increasing 2% in this week’s report to 68% g/e. The CFTC reported that managed money spec funds backed off their net short position by 15,064 contracts as of June 13, to -79,673 contracts in soybean futures and option trading.Sources at the Soybean Export Council told Reuters that the Chinese buying team due in Iowa during July could commit to buying a record quantity of soybeans (>13.4 MMT). Such a large quantity would make the currently lagging new crop commitments look a lot more bullish, even if this is a frame agreement that takes months and months to sell and ship.

Jul 17 Soybeans are at $9.42 1/2, up 3 1/2 cents,

Aug 17 Soybeans are at $9.46 3/4, up 3 1/2 cents,

Sep 17 Soybeans are at $9.48 1/2, up 3 1/2 cents,

Nov 17 Soybeans are at $9.53 1/2, up 3 1/2 cents,

Jul 17 Soybean Meal is at $302.00, up $1.10

Jul 17 Soybean Oil is at $33.24, up $0.13

Market Commentary provided by:

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