Soybean futures are rallying 4 to 10 cents across most contracts on Monday. Soymeal futures are still pressuring things from last week’s late weakness, as prices are down $3.20/ton in the July contract. Soy Oil is up 86 points at midday. 

The USDA Export Inspections report from this morning tallied 406,052 MT (15 mbu) of soybeans shipped during the week of 5/9. That was a 3-week high and more than double the same week last year. Of the total, 141,328 MT was headed to Egyptian importers, with 72,471 MT on its way to China. Cumulative export inspections are now 39.537 MMT (1.45 bbu), down 17.7% from a year ago. 

Weekly data from the CFTC showed large money managers in soybean futures + options slashing their net short position by 107,783 contracts as of May 7th, to just 41,453 contracts. That was the largest one week (Tuesday/Tuesday) move for specs on record. Data from the commercial side implied increased producer selling, as they flipped to a net short position of 46,889 contracts, an 84,464 contract move.

May 24 Soybeans  are at $12.05, up 12 1/4 cents,

Nearby Cash  is at $11.61 5/8, up 4 1/2 cents,

Jul 24 Soybeans  are at $12.23 1/2, up 4 1/2 cents,

Nov 24 Soybeans  are at $12.14 1/2, up 8 3/4 cents,

New Crop Cash  is at $11.58 5/8, up 9 1/2 cents,