Soybeans Posting Double Digit Gains on Wednesday Morning

Soybeans are trading with 12 to 15 cent gains early on Wednesday morning. Futures bought the fact after on Tuesday, as contracts closed with 4 ¾ to 12 ½ cent gains. Open interest was up 4,137 contracts mainly in the new crop months, as the front months through September were down a combined 4,650. There were another 31 delivery notices against July futures overnight. 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. There were no delivery notices against July soybean meal overnight, with 661 deliveries against July bean oil. 

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. That was 5.26% above the same period last year. 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.

Canadian acreage estimates were also released on Tuesday, 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, currently up 15 cents

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

Aug 26 Soybeans  closed at $11.24 1/4, up 5 cents, currently up 11 3/4 cents

Nov 26 Soybeans  closed at $11.43 3/4, up 4 3/4 cents, currently up 12 1/4 cents

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