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Soybean futures are trading sharply higher at midday. The USDA reported soybean acreage at 85.139 million acres in the quarterly report this morning. Average trade estimates were 85.171 million acres, with several above 86 million. March intentions had soybean acreage at 84.635 million acres. Soybean stocks, as of June 1, were reported at 0.625 bbu, below the average guesses of 670 mbu. Condition ratings declined further in the Monday USDA Crop Progress report, with the Brugler500 rating dropping 3 points to 363. The trade estimated planting @ 93-95% completed, with the actual USDA number at 94%. USDA also reported that 8% of the soybean crop was blooming as of Sunday night, just a single percentage point behind the five year average.
Jul 15 Soybeans are at $10.41 1/4, up 38 3/4 cents,
Aug 15 Soybeans are at $10.31 3/4, up 37 1/4 cents,
Sep 15 Soybeans are at $10.21, up 36 1/2 cents,
Nov 15 Soybeans are at $10.17 1/4, up 36 1/4 cents,