On Wednesday morning, soybean futures are showing gains of 12 to 15 cents, following a previous close that marked increases of 4 ¾ to 12 ½ cents. Open interest rose by 4,137 contracts, primarily in new crop months, while front-month contracts decreased by 4,650. The cmdtyView national average cash bean price increased by 7 ¾ cents to $10.70, with soymeal futures steady to $2.10 higher and soy oil futures declining by 33 to 233 points.
According to the June Acreage report by NASS, 85.36 million acres of soybeans were planted this spring, exceeding prior estimates by 665,000 acres. Additionally, double crop acres rose to 7%, compared to 6% last year. June 1 soybean stocks were reported at 1.061 billion bushels, 12 million above analyst expectations and 5.26% higher than the previous year.
Canadian soybean acreage estimates reported by StatsCanada show 5.961 million acres, marking a 3.1% year-over-year increase. Canola acreage is estimated at 23.442 million acres, up 8.4% from last year. Traders are anticipating the release of the Fats & Oils report from NASS, which is expected to indicate 214.9 million bushels of soybeans crushed in May.
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