**Soybean Prices Surge Following USDA Report**
On Tuesday, soybean prices saw a notable increase, with contracts rising by 11 to 17 cents after a favorable USDA report. The cmdtyView national average cash bean price is now $11.61 3/4, an increase of 14 1/2 cents. Soymeal futures climbed by $3.70 to $5.10, while soy oil futures experienced gains of 80 to 121 points.
The USDA’s latest WASDE report revealed a 10 million bushel reduction in old crop US carryout, bringing it down to 340 million bushels, primarily due to a 10 million bushel cut in exports. New crop estimates indicated US ending stocks at 310 million bushels, significantly lower than the 366 million bushel forecast, with US production projected at 4.435 billion bushels and an estimated yield of 53 bushels per acre. As of May 10, 49% of the US soybean crop is planted, surpassing the 36% average pace for this time of year.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
