Soybean prices saw gains on Tuesday, with new crop months leading the charge, as the cmdtyView national average cash bean price rose 8 ¼ cents to $10.95. Soymeal futures increased by $1.10 to $2.50, while soy oil futures were higher by 14 to 41 points.
According to NASS data from the annual Prospective Plantings report, a total of 84.7 million acres of soybeans are intended for planting this spring, reflecting a 3.485 million acre increase from last year but 787,000 acres below average trade estimates. Additionally, March 1 soybean stocks stood at 2.105 billion bushels, up 194 million bushels from the previous year and exceeding Bloomberg’s estimate by 19 million bushels.
