Soybean futures prices fell by 6 to 9 cents as April began, following recent gains of 5 to 13½ cents on Tuesday. Open interest increased by 9,917 contracts. The cmdtyView national average cash bean price rose by 8¼ cents, reaching $10.95 per bushel, while soymeal futures increased by $1.10 to $2.50.
The USDA’s Prospective Plantings report revealed that 84.7 million acres of soybeans are planned for planting this spring, a rise of 3.485 million acres from last year but 787,000 acres below trade estimates. Additionally, March 1 soybean stocks were reported at 2.105 billion bushels, up 194 million bushels from a year ago and exceeding Bloomberg’s trade estimate by 19 million bushels.
