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Beans Spiking After Report

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So far soybeans are bouncing up by 20+ cents. With the lower than expected bean acreage new crop futures are trading 17 1/2 to 23 3/4 cents higher. Soymeal futures are up by $4.6 to $5.7/ton at midday. Bean oil futures are rallying by 59 to 69 points. NASS reported 83.825 million acres of 2020/21 beans were planted or intended, which includes 12.8m acres not yet planted as of mid-June. That was only 0.32 million soybean acres above March’s Planting Intentions. The trade was looking for a 1.32 million acre bump. Old crop stocks were reported at 1.386 bbu. On average, traders were expecting 1.391 bbu. Call that a bullseye. Traders estimate USDA will report May bean crush between 180 to 182 mbu on Wednesday. If realized, that would be down 1.5% from April, but still 9.2% higher yr/yr for the largest May crush on record. The average estimate for bean oil stocks on hand is 2.37b lbs. On June 28, new crop beans were 95% emerged. Soybean blooming was at 14% compared to the average of 11%.

Jul 20 Soybeans are at $8.88 3/4, up 22 1/4 cents,

Aug 20 Soybeans are at $8.81 1/4, up 19 3/4 cents,

Sep 20 Soybeans are at $8.79 1/4, up 21 cents,

Nov 20 Soybeans are at $8.83 1/2, up 22 cents,

Jul 20 Soybean Meal is at $285.30, up $4.80

Jul 20 Soybean Oil is at $27.51, down $0.11

--- provided by Brugler Marketing & Management

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