Mondays pre report session was a day in which the spread trade once again dominated trade. Old crop July beans closed 14 cents higher and new crop November beans closed 7 ½ cents lower. Bean and meal spreads continue to lead the trade Bean shipments were 12.9 mil. Bu and also had 2 mil added to the previous week. Volume on Monday was heavy, especially so in soybean oil. Soybeans traded 154,619, meal traded 67,259 and oil traded 111,495. Funds were net sellers of an estimated 3,000 Soybeans Oil , 1,000 and 1,000 Meal.

Early opening calls mixed new crop higher old crop steady. The USDA released Quarterly ending stocks as of June 1. Soybean stocks came in at .597 within the range of analysts expectations of .602 to .559. New-crop November supported by USDA's June plantings forecast for 2009 U.S. soy acreage at 77.483 million, below an average of analysts' estimates for 78.121 million. New-crop soybean months were called up 5 to 10 cents, with old-crop steady to down 5 cents, reacting to USDA's smaller-than-expected U.S. soy seedings even though it will be the largest plantings on record. USDA reports this morning show 113,000 mt of US soybeans sold to China for 2009/10 delivery. Oil world reports, Argentine farmers are likely to greatly expand soybean plantings for the harvest in early 2010 as drought is forcing them away from wheat sowings. The US$ is trading slightly higher this morning. Crude oil is off 20 cents. Overnight Chinese Soybeans closed higher, meal and oil lower

Early opening call. New Crop November soybeans 5 to 10 higher. Old crop steady to weaker. Meal mixed, Oil mixed.

Cash Markets --CIF Soybeans steady off 5. June +64 to +??, July +62 to +65, Aug. +75 to +850, Sept. +90 to +??, Oct. +65 to +74, Nov. +65 to +74, Dec. +67 to +70, Jan. +67 to +73

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