Soybeans are trading with 8 to 11 cent losses on Monday. The cmdtyView national front month Cash Bean price is 10 ½ cents lower at $9.70 1/4. Soymeal futures closed are down $2.30/ton on the day, with Soy Oil futures back down 91 points.

Weekly Export Inspections data tallied soybean shipments at 858,679 MT (31.55 mbu) in the week that ended on February 20. That was down 19% from the same week last year but back up 18.2% from the week prior. China was the largest destination of 480,164 MT, with 132,745 MT headed to Mexico. Marketing year soybean shipments are now 36.876 MMT (1.354 mbu), an increase of 11.3% from the same week last year. 

Soybean specs continued to peel back from their net long position in the week ending on February 18, down 11,949 contracts. That took the net long to just 16,526 contracts of futures and options. 

Ahead of the USDA Outlook Forum this week, a Bloomberg survey of analysts expect to see a total of 84.4 million soybean planted acres. That would be down 2.7 million from last year’s total as all surveyed expect to see lower totals (83.1-86.5 million acres).

AgRural estimates the Brazilian soybean crop at 39% harvested and just 1 percentage point back of the same harvest pace last year. They also trimmed back the country’s soybean production estimate by 2.8 MMT to 168.2 MMT.

Mar 25 Soybeans  are at $10.28 3/4, down 10 3/4 cents,

Nearby Cash  is at $9.70 1/4, down 10 1/2 cents,

May 25 Soybeans  are at $10.47 1/4, down 10 cents,

Nov 25 Soybeans  are at $10.51 1/2, down 8 1/4 cents,

New Crop Cash  is at $9.88 1/2, down 8 1/4 cents,