Soybeans Round Out June with Gains Despite Larger Stocks and More Acres

Soybeans bought the fact after on Tuesday, as contracts closed with 4 ¾ to 12 ½ cent gains. The cmdtyView national average Cash Bean price was up 7 3/4 cents at $10.70. Soymeal futures were steady to $2.10 higher, with Soy Oil futures down 33 to 233 points led by the front months. Increased canola acreage in Canada is adding pressure to the latter. 

NASS reported 85.36 million soybean acres planted this spring in their June Acreage report, coming in slightly above estimates and 665,000 acres higher than in the March Prospective Plantings report. Double crop acres ticked up to 7%, from 6% last year and 4% in each of the prior 4 years. 

June 1 soybean stocks were up to 1.061 bbu in the quarterly Grain Stocks report. That was 12 above analysts surveyed by Bloomberg looking for 1.049 bbu. The March 1 stocks were revised higher by 19 mbu.  

Traders are looking for Wednesday’s Fats & Oils report from NASS to show 214.9 million bushels of soybeans crushed in May.

Crop Progress data from NASS showed 96% of the US soybean crop emerged by 6/28, up 1% from normal, with 19% emerged and 4 percentage points faster than normal. The crop was also reported at 4% setting pods. Condition ratings were down 1% at 65% gd/ex, with the Brugler500 index falling 4 points to 365. The main deterioration was seen in IN (-12), IL (-9), MO/ND (-3). Improvement was noted in NE/OH (+6), IA (+4), and MN (+3).

Canadian acreage estimates were also released this morning, with StatsCanada showing 5.961 million acres of soybeans, a 3.1% increase year/year. Canola acreage was pegged at 23.442 million acres, up 8.4% from a year ago.

Jul 26 Soybeans  closed at $11.16 3/4, up 8 cents,

Nearby Cash  was $10.70, up 7 3/4 cents,

Aug 26 Soybeans  closed at $11.24 1/4, up 5 cents,

Nov 26 Soybeans  closed at $11.43 3/4, up 4 3/4 cents,

New Crop Cash  was $10.78 1/2, up 5 1/4 cents,