Soybeans are falling back to start April, as contracts are down 6 to 9 cents so far on Wednesday morning. Futures posted 5 to 13 ½ cent gains across most contracts on Tuesday, led by the new crop months. Open interest rose 9,917 contracts on Wednesday. The cmdtyView national average Cash Bean price was up 8 ¼ cents at $10.95. Soymeal futures were up $1.10 to $2.50, with Soy Oil futures 14 to 41 points higher.
NASS data vis the annual Prospective Plantings report showed a total of 84.7 million acres of soybean intended for this spring. That was a 3.485 million acre swing higher from a year ago, but 787,000 acres below the average trade guess.
March 1 soybean stocks came in at 2.105 billion bushels in the quarterly Grain Stocks report, which is up 194 mbu from a year ago. That was also 19 mbu above the Bloomberg trade estimate and 38 above the Reuters survey.
May 26 Soybeans closed at $11.71, up 11 1/4 cents, currently down 8 1/2 cents
Nearby Cash was $10.95, up 8 1/4 cents,
Jul 26 Soybeans closed at $11.86, up 11 cents, currently down 8 1/4 cents
Nov 26 Soybeans closed at $11.57 1/2, up 13 1/2 cents, currently down 6 1/2 cents
New Crop Cash was $10.93 1/2, up 11 1/2 cents,
