The soybean market posting fractional to 2 cent gains across most contracts on Tuesday. The cmdtyView Cash Bean price is up 3 cents to $10.14. Soymeal futures are 40 cents/ton higher on the day, with Soy Oil futures up 17 points.

Weekly Export Inspections data tallied soybean shipments at just 194,904 MT (7.16 mbu) in the week that ended on May 22. That was back down 12.6% from the week prior and 13.5% below the same week last year. Egypt was the largest destination of 53,244 MT, with 51,539 MT headed to Mexico. Marketing year shipments are now 44.34 MMT (1.629 bbu), an increase of 11% from the same week last year.

Crop Progress data will be released this afternoon, with traders looking for 77% of the crop to be seeded as of Sunday. 

The weekly Commitment of Traders report showed spec funds peeling back their net long position in soybean futures and options by 25,753 contracts to 12,654 contracts as of May 20. In soybean meal, managed money was net short a record 107,466 contracts as of Tuesday.

After the Friday threat of June 1 tariffs of 50% on EU goods, President Trump spoke with the EU president over the weekend. Following the call, the potential tariff deadline was pushed back to July 9 to give time for negotiations.

Datagro estimates the 2024/25 Brazilian soybean crop at 172 MMT above the 171.2 MMT previous estimate.

Jul 25 Soybeans  are at $10.61 3/4, up 1 1/2 cents,

Nearby Cash  is at $10.14 1/1, up 3 cents,

Aug 25 Soybeans  are at $10.57 1/4, up 1 1/4 cents,

Nov 25 Soybeans  are at $10.51 1/4, up 3/4 cent,

New Crop Cash  is at $9.89 3/4, up 1 1/4 cents,