Soybeans are extending their slide on Monday, as contracts are down 22 to 24 cents across the front months to start the week. Soymeal is down $5.60/ton at midday. Soy Oil are posting 5 to 11 point losses so far on the day.

Crop Progress data is expected to show a 1% increase in soybean ratings to 69% this afternoon. 

The USDA Export Inspections report indicated 168,593 MT (6.2 mbu) of soybeans shipped in the week that ended on July 11. That was 4.8% above the same week last year, but a drop of 42.7% from the previous week. Mexico was the lead destination of 65,762 MT. Year to date exports are 42.02 MMT (1.543 bbu) so far, down 15.8% from the previous year. 

NOPA released updated June data this morning, indicating members crushed 175.6 mbu of soybeans during the month. That slipped 4.37% from the May total on the one less day, but was up 6.41% vs. last year. It was shy of the trade estimates at 177.94 mbu. NOPA member soy oil stocks were below estimates at 1.622 billion lbs at the end of June.

The large managed money spec funds held a record CFTC net short position as of July 9 @ 172,605 contracts. That was an increase of 31,679 contracts to the bear side on the week.

Aug 24 Soybeans  are at $10.81 3/4, down 23 1/4 cents,

Nearby Cash  is at $10.48 5/8, down 24 cents,

Sep 24 Soybeans  are at $10.36, down 22 1/2 cents,

Jan 25 Soybeans  are at $10.57 1/2, down 23 1/4 cents,

New Crop Cash  is at $9.88 3/8, down 22 1/2 cents,