Soybean Market Extends Sell Off on Strong Dollar

Soybean futures are 5 to 6 cents lower to start the week. They were mostly 9 to 12 cents lower on Friday. Soymeal was down $3.60/ton, with bean oil 38 points lower in the nearby contract. US and Chinese officials met in Japan to establish back channel communication but maintained radio silence. The dollar is stronger this morning after sinking to the lowest reading since mid-April on Friday. Per the Commitment of Traders report, the large spec funds were still net short -93356 contracts of futures and options on June 4. That reflected net buying of 36,638 contracts for the week in the CFTC reporting period. The average trade guess for old crop ending stocks in Tuesday’s report is 1.012 billion bushels per a Bloomberg survey. That would be up 17 million from May on lower export sales ideas.

--provided by Brugler Marketing & Management

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