Soybeans bought the fact after on Tuesday, as contracts closed with 4 ¾ to 12 ½ cent gains. The cmdtyView national average Cash Bean price was up 7 3/4 cents at $10.70. Soymeal futures were steady to $2.10 higher, with Soy Oil futures down 33 to 233 points led by the front months. Increased canola acreage in Canada is adding pressure to the latter.
NASS reported 85.36 million soybean acres planted this spring in their June Acreage report, coming in slightly above estimates and 665,000 acres higher than in the March Prospective Plantings report. Double crop acres ticked up to 7%, from 6% last year and 4% in each of the prior 4 years.
