Soybean prices took a hit on Monday, dropping 5 to 8 cents in front-month contracts while new crop held relatively steady. The uncertainty hanging over geopolitical tensions kept pressure on the market, especially with those US/Israel strikes on Iran over the weekend adding volatility across commodities.

Cash beans were down 2 cents at $10.91 1/4, but here's what caught my attention - export inspections showed some solid movement last week. They shipped out 1.138 million metric tons, which was actually 67% above the prior week and 62% higher year-over-year. China took the majority at 734,698 MT, though overall marketing year shipments are still running 30% behind last year's pace. That's a symbol of how tight things have been.

Meanwhile, soybean crushing in January came in hotter than expected at 227.8 million bushels, up 87% from a year ago. Oil stocks jumped 11.72% from December and are now 34% larger year-over-year. The uncertainty around China's policy response to recent geopolitical events is definitely weighing on sentiment though.

On the production side, Brazilian estimates got trimmed again. AgRural cut their projection by 3 million metric tons down to 178 MMT, with only 39% harvested so far - still behind last year's pace. StoneX came in similar at 177.8 MMT. Soybean oil futures were the bright spot, up 70 to 92 points, catching some spillover from crude oil's $4.01 jump. Meal futures fell $2.30 to $7.60. Mar contracts closed at $11.50, down 7 1/4 cents.