CHICAGO- US soybean futures surged about 6 percent after the US Department of Agriculture (USDA) reported much lower-than-expected 2023 soy plantings and June 1 inventories, while corn futures tumbled on larger-than-expected acreage.
Wheat futures fell in sympathy with corn, despite a smaller-than-expected quarterly wheat stocks figure.
On the Chicago Board of Trade, November soybeans settled up 77-1/2 cents at $13.43-1/4 per bushel. CBOT December corn fell 33-3/4 cents to finish at $4.94-3/4 a bushel and September wheat fell 16-1/2 cents at $6.51 a bushel.
Soybean futures soared after the USDA said US farmers planted 83.5 million acres of the oilseed, down 4 million acres from the government’s March forecast and below the lowest in a range of analyst estimates. The reduced acreage implies smaller new-crop supplies of the oilseed.
“For beans, if the yield falls to 50 (bushels per acre), instead of the expected 52, then that’s tight, really tight,” said Craig Turner, commodities trader at Daniels Trading. – Reuters
