As of June 1, the USDA reported soybean stocks at 1.007 billion bushels, exceeding estimates of 974 million bushels and up 37 million bushels from last year. The Acreage report indicated that 83.38 million acres of soybeans were planted, slightly below the anticipated 83.5 million acres. Soybean contracts were down 1 to 3 cents for old crop months, with new crop November up 1.25 cents at midday.
During the week ending June 26, U.S. export inspections showed shipments of 224,787 metric tons (8.26 million bushels), an increase of 11.4% from the previous week but a decline of 29.7% from the same week last year. Mexico was the top destination for 113,190 metric tons, followed by Japan with 38,485 metric tons. Marketing year shipments since September 1 totaled 45.851 million metric tons (1.685 billion bushels), representing a year-over-year increase of 10.3%.
Additionally, 200 deliveries were issued against July soybeans, all from the ADM house account, while 643 deliveries were issued against July soybean meal and just 7 for bean oil. The cmdtyView national average cash bean price fell 4.5 cents to $9.80.
