Soybeans Post Double-Digit Gains Wednesday Morning

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Summary · why it matters

Soybean futures are posting 12 to 15 cent gains early Wednesday morning, building on Tuesday's advances. The cmdtyView national average cash bean price rose 7 3/4 cents to $10.70. The USDA's June Acreage report showed 85.36 million soybean acres planted, slightly above estimates and 665,000 acres higher than the March Prospective Plantings report. June 1 soybean stocks came in at 1.061 billion bushels, above the 1.049 billion bushels expected by analysts and 5.26% higher than the same period last year. Soymeal futures were steady to $2.10 higher, while soy oil futures fell 33 to 233 points, led by the front months.

Impact on assets 3

Others± Mixed · 3 stocks
⛏Soybean Futures
SOYBEAN
▲ PositiveSupplyrelevance

USDA report shows slightly higher planted acres and stocks, but futures are rising double-digits, likely due to weather or demand expectations not detailed in article.

⛏Soybean Oil Futures
SOYOIL
▼ NegativeSupplyrelevance

Soy oil futures fell sharply, led by front months, likely due to ample supply or weak demand.