July Soybeans finished down 1 1/4 at 937 3/4, 9 3/4 off the high and 4 up from the low. August Soybeans closed down 1 1/2 at 941 3/4. This was 3 1/2 up from the low and 10 off the high.
July Soybean Oil finished down 0.29 at 32.82, 0.56 off the high and 0.05 up from the low.
July Soymeal closed up 0.6 at 301.5. This was 2.6 up from the low and 2.8 off the high.
November soybeans traded to a four week high of 958 1/4 early today, but gave back most of the gains back and are trading fractionally lower going into the close. The market found early support tied to a story on the Chinese delegation that will visit the US in the second week of July and will sign framed contracts to purchase soybeans that could eclipse the 13.4 million tonnes that was signed in 2012. The delegation will meet with in Des Moines on July 13th for the signing. This afternoon’s crop conditions should show a slight improvement of 1% to 2% in the G/EX category. Last week’s initial ratings had the G/EX category at 66% and the five year average for this week is 73% G/EX. The market is also seen support tied to the potential of an announcement form the EPA on the biodiesel mandate. There is speculation that the announcement will come on Wednesday, June 21 at a Trump rally in Cedar Rapids Iowa. Weekly export inspections for soybeans came in at 275,461 tonnes compared to 512,000 tonnes last week. As of June 15th, cumulative soybean export inspections for the 2016-17 marketing year have reached 93.0% of the USDA forecast versus a 5 year average of 92.6%. Inspections of 350,253 tonnes are needed each week to reach the USDA forecast.