Soybean futures quotes are showing some weakness on Monday morning, pulling back 5-7 cents after a strong Sunday night open. The move is interesting because we just had a solid week with May contracts up about 17.5 cents and November up over 13 cents. Cash beans are holding up better at $10.94, up 9.25 cents, which suggests there's still some underlying support.

The pullback seems tied to a couple of things. First, there's spillover pressure from crude oil uncertainty following the US/Israel strikes on Iran over the weekend. That's impacting soy oil futures, which rallied 255 points last week but are now facing some headwinds. More importantly, traders are nervous about US/China relations after the weekend attacks, and that's creating some hesitation in the soybean futures market.

On the supply side, things are getting tighter. Managed money added over 20,000 contracts to their net long position recently, pushing it above 184,000 contracts. Export sales are running behind pace at 83% of USDA's estimate, down 19% from last year. Meanwhile, AgRural is trimming Brazil's soybean crop projection by 3 million metric tons to 178 million, with harvest still only at 39% compared to 50% a year ago. That's bullish long-term, but near-term soybean futures quotes are dealing with this geopolitical noise and positioning uncertainty.