Front month soybean futures are up by 60 to 80 cents after seeing new NASS numbers. The daily limit (not applicable to July at this point) is $1.05/bu. Soymeal prices are currently up by $19.30 to $20.90/ton. The September soy oil contract is at the 4 cent limit, with 390+ point gains for the other nearbys. USDA saw the week’s average B100 cash price 9 cents stronger in MN at $4.90/gal, with IL reported at $6.07.
USDA flashed a 132k MT new crop soybean sale to China this morning.
The June Acreage data cut soybean acres by 4 million to 83.5 million. The average of trade guesses was to see a slight 200k acre increase, but even the lowest estimate was only for a 500k acre cut. ND lost the most with a 900k acre cut, as IL also shifted 800k acres from March Intentions.
The Quarterly Grain Stocks report showed a 795.6 mbu soybean supply for June 1st. That compares to 967.5 mbu last year and the trade average guess for 805. The Q3 consumption was estimated at 891.1 mbu, off 7.6% from last year. Of the supplies, NASS had 322.8 mbu still in farmer hands and 472.8 mbu off farms.
Source: barchart