Soybean Prices Drop on Monday Despite Indonesia Agreement

Soybeans took a hit on Monday, with prices dropping 24 to 29 cents. Crop Progress data showed 32% of the US soybean crop was blooming, slightly ahead of the average. Export Inspections reported a total of 389,364 soybeans shipped, up 64.5% from the previous week.

Indonesia agreed to buy $34 billion of US goods, including soybeans. President Trump announced tariffs on Indonesian goods will increase to 32% on August 1. Commitment of Traders data revealed managed money reduced their net long position to 425 contracts.

Weather forecasts predict rains of half to an inch over much of the Corn Belt this week. Jul 25 Soybeans closed at $10.31 3/4, down 24 1/2 cents. Nearby Cash was $9.90 3/4, down 23 1/4 cents. Aug 25 Soybeans closed at $10.31 1/2, down 24 cents. Nov 25 Soybeans closed at $10.20 3/4, down 28 1/2 cents. New Crop Cash was $9.72 1/4, down 28 1/4 cents.

Read more at Yahoo Finance: Soybeans Round Out Rough Monday with Losses