Soybeans are experiencing losses of 13 to 15 cents per bushel on Monday compared to Friday’s settlements. Preliminary open interest increased by 1,214 contracts, indicating a shift in ownership. The national average new crop Cash Bean price is down 14 ½ cents at $9.72 3/4. Soymeal futures are trading lower, erasing last week’s gains.

After weekend rains in the Corn Belt, forecasts predict up to an inch of rain in parts of the ECB later in the week. Areas like the Dakotas, MN, WI, and northern IA could receive 1-2, and in some cases, up to 4 inches early this week.

Spec traders in soybean futures and options turned more bearish, adding 26,062 contracts to their CFTC net short position in the week ending on July 15, reaching a net 32,278 contracts.

USDA reported soybean export inspections for the week ending July 17 at 364,990 metric tonnes, slightly higher than the previous year and significantly more than the week before.

Soybean futures prices are down across the board, with Aug 25 Soybeans at $10.12 1/4, Nearby Cash at $9.75 1/2, Sep 25 Soybeans at $10.06 3/4, Jan 26 Soybeans at $10.39 1/2, and New Crop Cash at $9.72 1/4.

Read more at Yahoo Finance: Soybean Futures Double Digits Lower in Midday Monday Action