Soybeans are holding 7 to 11 cents higher so far on Friday, as USDA data wasn’t as bearish for the bean. New crops is leading the way on a smaller acreage number. Soymeal futures are $1.40 higher at midday, with Soy Oil futures up 27 to 41 points. 

Soybean acres planted this spring were tallied at 86.1 million according to NASS survey driven data released this morning. That was a 410,000 acre decline from where the intentions suggested back in March and 650,000 acres below the average trade guess. As of the survey conclusion, NASS reported 12.767 million acres of beans left to be planted, the second most in to 2022 in the 5 years USDA has tracked the data. 

Quarterly Grain Stocks data pegged 970 mbu of soybeans on hand at the end of the third quarter (June 1). That was be up 174 mu from last year’s 796 mbu, and just 8 mbu larger than the trade’s estimate of 962 mbu.

Monthly EIA data showed 1.07 billion lbs of bean oil used in biofuel production during April. That was a jump of 44 million lbs from March and the largest since December.

Jul 24 Soybeans  are at $11.62 1/4, up 10 cents,

Nearby Cash  is at $11.10 1/1, up 11 cents,

Aug 24 Soybeans  are at $11.45, up 8 3/4 cents,

Nov 24 Soybeans  are at $11.16, up 11 1/4 cents,

New Crop Cash  is at $10.62 1/2, up 9 3/4 cents,
On the date of publication, Alan Brugler 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.