Soybeans are in rally mode on Tuesday, with contracts up 11 to 17 cents on a friendlier USDA report from this morning. The cmdtyView national average Cash Bean price is up 14 1/2 cents at $11.61 3/4. Soymeal futures are up $3.70 to $5.10, with Soy Oil futures 80 to 121 points higher.
USDA’s WASDE report showed old crop US carryout down 10 mbu to 340 mbu. That came from a 10 mbu cut to exports and 20 mbu increase to crush. New crop data was also published, with US ending stock at 310 mbu, well below the 366 mbu estimate. The initial World Ag Outlook Board production number for the US was seen at 4.435 bbu, with yield seen at 53 bpa.
South American production was left unchanged this month. Old crop ending stocks for the world was up just 0.34 MMT to 125.13 MMT. The initial projection for 2026/27 from WAOB was at 124.78 MMT.
The weekly Crop Progress report from NASS showed the US soybean crop at 49% planted by May 10, still well above the 36% average pace for this time of year. Emergence was at 20%, vs. 12% on average.
Jul 26 Soybeans are at $12.27 1/4, up 14 1/4 cents,
Nearby Cash is at $11.61 3/4, up 14 1/2 cents,
Aug 26 Soybeans are at $12.21 1/4, up 13 1/4 cents,
Sep 26 Soybeans are at $12.01 1/2, up 11 1/4 cents,
New Crop Cash is at $11.45 3/4, up 11 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
