Soybean futures dropped 32 to 35 cents in Monday morning trade, pressured by a wetter weather outlook and sharply lower crude oil prices. The NOAA 7-day quantitative precipitation forecast shows 1 to 2 inches of rain across much of the Corn Belt from Nebraska through Iowa, Missouri, Illinois, and Indiana, while the Dakotas and Minnesota are expected to receive less than half an inch. Last Friday, the Commodity Futures Trading Commission's Commitment of Traders report showed speculators added 52,212 contracts to their net long position in soybean futures and options during the week ending July 21, bringing the net long to 124,900 contracts. USDA weekly export sales data indicated old crop export commitments reached 41.38 million metric tons, fulfilling 100% of the USDA export projection but trailing the 101% average pace of the prior three years. August soybeans closed Friday at $12.48, up 10 and a half cents, but were down 32 and three-quarter cents in the latest session, while November soybeans settled at $12.53 and a half, up 9 and three-quarter cents, before falling 34 and a half cents.