(Agriculture.com) – The bean market ended the week on a negative note as last week’s selloff continued. For the week, the new crop beans ended 24 ¾ lower and 37 ¼ cents off the weeks high. The July soybeans settled the week 23 ¼ cents lower. With the warmer and drier week we have just seen and a warm dry forecast in the works, it is thought that producers were able to play catch up getting the rest of the beans planted. We would look for bean plantings to reach the 95% level for Monday’s report. We would also look for the good to excellent ratings to bump up 1 to 2 points Monday. The U.S. dollar continued to rally today and that added to today’s pressure. Next Friday, the USDA will be releasing their updated acreage estimated. The average trade guess for bean acreage is 77.933 million acres. This would be up 735,000 acres from the March survey. The high end of the trades guess is 79.240 million acres while the low end is 77.100 million acres. Allendale is estimated bean acres at 79.240 million acres. As for the quarterly grain stocks the trade is estimating for them to come in at 442 million bushels down from a year last year’s Junes report stocks estimate of 667 million bushels. Allendale is looking for quarterly stocks to be 422 million bushels. With the weather outlook improving and potentially seeing more bean acres than anticipated, Allendale has a long term bearish view of for the new crop beans and is currently looking for a “fall low” at the $10.54 level. Next week’s price direction will be dictated by Sunday night’s weather forecast and positioning for next week’s report…Jim McCormick
