Soybeans are leaking lower early on Tuesday morning as USDA reports a speedy planting pace. Contracts are down 2 to 5 cents, after falling lower on Monday, with contracts down 8 to 13 cents across most months at the close. Preliminary open interest was down 1,015 contracts on Monday. There were another 3 deliveries for May soybeans overnight, with just 1 for May meal and 0 for bean oil. CmdtyView’s national front month Cash Bean price was down 13 cents at $9.93. Soymeal futures were down $1.40 to $2.20/ton, with Soy Oil futures falling 42 to 71 points.

Export Inspections data showed a total of 324,101 MT (11.91 mbu) of soybeans shipped during the week of May 1. That was an drop of 29.2% from the previous week and 9.5% below the same week last year. Mexico was the largest destination of 81,888 MT, with 68,099 MT headed to China and 58,091 MT to Japan. Marketing year exports have totaled 43.46 MMT (1.597 mbu) since September 1, which is 11.2% above the same period last year. 

Soybean planting was pegged at 30% complete as of Sunday per USDA, which is ahead of the 23% average pace and the 24% from the same date last year. The crop was listed at 7% emerged, 2 percentage points faster than average.

May 25 Soybeans  closed at $10.38, down 10 3/4 cents, currently unch

Nearby Cash  was $9.93, down 13 cents,

Jul 25 Soybeans  closed at $10.45 1/2, down 12 1/2 cents, currently down 2 cents

Nov 25 Soybeans  closed at $10.22 1/4, down 8 1/4 cents, currently down 3 3/4 cents

New Crop Cash  was $9.59 1/4, down 9 1/4 cents,