Soybeans are down 4 to 5 cents on Monday morning, but recovered previous losses on Friday with gains of 12 to 14 ¾ cents. September saw a 54 ½ cent gain, while November was up 55 cents. The cmdtyView national average Cash Bean price increased by 12 1/2 cents to $9.77 3/4. Soymeal futures were down $1.10, while Soy Oil futures were up 100 to 117 points.

Recent rains passed through parts of the Dakotas, MN, northern IA and NE, WI, northeast IL, and northwest IN over the weekend. Precipitation is now limited to southern WI and northern IL, with the forecast showing drying conditions after.

Friday’s Commitment of Traders report revealed a reduction of 30,660 contracts from the net short position in soybean futures and options as of 8/12, bringing it to 35,270 contracts net short.

NOPA’s crush report from Friday showed a record 195.7 mbu of soybeans crushed among members in July, marking a 7.01% increase from last year. Soybean Oil stocks totaled 1.378 billion lbs, a 0.8% increase from June and 14.68% lower than last year’s.

Sep 25 Soybeans closed at $10.22 1/4, up 14 3/4 cents, but currently down 4 1/2 cents. Nearby Cash was $9.77 3/4, up 12 1/2 cents. Nov 25 Soybeans closed at $10.42 1/2, up 14 cents, currently down 4 ¼ cents. Jan 26 Soybeans closed at $10.61 1/2, up 13 1/4 cents, currently down 4 cents. New Crop Cash was $9.68 1/2, up 12 1/4 cents.

Read more at Yahoo Finance: Soybeans Pulling Back Early on Monday