Soybean futures are 2 to 3 cents lower after higher overnight trade faded on daytime volume. .... Front month soy meal is down $2.20/ton, and Aug 17 soy oil is down 8 points. The USDA reported that 285,972 MT of soybeans were exported during the week ending July 13, 39.06% smaller than a week ago and 29.39% below that week in 2016. This morning's NOPA report, showed June crush well below expectations at 138.074 million bushels, which is a 4.81% drop over June 2016 and 7.49% lower than May. Soy oil stocks for June 30 were seen at 1.703 billion pounds, slightly lower than what analysts had in mind. Stocks were down 2.31% from May and 14.21% lower yr/yr. Soybean condition ratings are expected to be steady to lower in this week's edition of the Crop Progress report. As with corn, spec funds switched their position from short to long in soybean futures and options trading ahead of the crop report. They held a net long position of 19,048 contracts on July 11. That was a jump of 89,264 contracts in the reporting week ending last Tuesday.

Aug 17 Soybeans are at $9.86 1/2, down 2 1/2 cents,

Sep 17 Soybeans are at $9.90, down 2 3/4 cents,

Nov 17 Soybeans are at $9.98 3/4, down 2 3/4 cents,

Jan 18 Soybeans are at $10.07 1/2, down 2 3/4 cents,

Aug 17 Soybean Meal is at $321.50, down $2.20

Aug 17 Soybean Oil is at $33.16, down $0.08

Market Commentary provided by:

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