On July 26, soybean contracts achieved gains between 4¾ to 12½ cents, with July soybeans closing at $11.16¾, an increase of 8 cents. The national average cash bean price rose to $10.70, up 7¾ cents. A report by NASS revealed that 85.36 million acres of soybeans were planted this spring, exceeding estimates by 665,000 acres.
June 1 soybean stocks reached 1.061 billion bushels, surpassing Bloomberg analysts’ expectations of 1.049 billion bushels. By June 28, 96% of the U.S. soybean crop had emerged, 1% above the normal rate, with 4% entering pod-setting. However, condition ratings fell 1% to 65% good/excellent, primarily affected in Indiana and Illinois. Additionally, StatsCanada reported Canadian soybean acreage at 5.961 million acres, a 3.1% year-over-year increase.
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