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Soybean futures rallied 21 3/4 to 40 3/4 cents today after USDA said farmers only added 1.452 MA of soybean plantings from their March intentions, with today’s figure at 83.688 MA. Trade estimates were mostly higher. Soybean stocks in all positions were 869.92 mbu, which was 38.925 mbu above the average trade expectation, and 242.925 mbu larger year/year. USDA weekly export sales were reported on the upper end of pre-report trade estimates, at 730,000 MT for old crop and 798,000 MT for 2016/17. The old crop number is particularly strong for this time of year.
Jul 16 Soybeans settled at $11.75, up 30 1/2 cents,
Aug 16 Soybeans settled at $11.74 1/4, up 33 3/4 cents,
Sep 16 Soybeans settled at $11.62 1/4, up 39 1/4 cents,
Nov 16 Soybeans settled at $11.53 1/4, up 40 3/4 cents,