Soybeans End June on Upward Trend Amid Expanding Acreage and Rising Stocks

Soybean futures posted gains on Tuesday, closing with increases ranging from 4¾ to 12½ cents. The cmdtyView national average cash bean price rose 7¾ cents to $10.70. Soybean meal futures held steady, edging up to $2.10 higher, while soybean oil futures slipped 33 to 233 points, driven by front‑month activity. Higher canola acreage in Canada is adding downward pressure on oil markets.

The USDA’s June Acreage report shows 85.36 million soybean acres planted this spring, slightly above expectations and 665,000 acres more than the March Prospective Plantings report. Double‑crop acreage rose to 7 %, up from 6 % the previous year and 4 % in each of the four preceding years.

The June 1 Grain Stocks report placed soybean inventories at 1.061 billion bushels, surpassing the Bloomberg analyst consensus of 1.049 billion bushels. March‑1 stocks were revised upward by 19 million bushels.

Traders are awaiting the upcoming Fats & Oils report from NASS, which is expected to show 214.9 million bushels of soybeans crushed in May.

Crop Progress data from NASS indicate that 96 % of the U.S. soybean crop had emerged by June 28, 1 % above the normal pace, with 19 % of the crop emerging and development advancing 4 percentage points faster than typical. Additionally, 4 % of the crop was reported as pod‑setting. Condition ratings slipped 1 % to 65 % good/excellent, and the Brugler‑500 index fell 4 points to 365. The most pronounced declines were observed in Indiana (‑12), Illinois (‑9), and Missouri/North Dakota (‑3), while improvements were noted in Nebraska/Ohio (+6), Iowa (+4), and Minnesota (+3).

Canadian acreage estimates released by Statistics Canada show 5.961 million acres of soybeans, a 3.1 % increase year‑over‑year. Canola acreage is projected at 23.442 million acres, up 8.4 % from the previous year.

On July 26, soybean futures closed at $11.16 ¾, up 8 cents. Nearby cash price settled at $10.70, up 7¾ cents. August 26 futures closed at $11.24 ¼, up 5 cents. November 26 futures closed at $11.43 ¾, up 4¾ cents. New‑crop cash price was $10.78 ½, up 5¼ cents.

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