Soybean Prices Soar After USDA Report
(Wisconsin Ag) – The prices for the old crop July contract for soybeans soared 50 cents per bushel to $15.16 Friday on the Chicago Board of Trade, on fears of tight supplies.
The new crop November contract was strong as well, rising 24 cents per bushel to $14.27.
The U.S. Department of Agriculture said Friday that despite an 8 percent gain in soybean stocks in storage that soybean disappearance, or sales, of 707 million bushels for May was the second largest disappearance on record.
Analysts have worried about soybean stocks with the 5 percent jump in corn acres planted this year, compared to jlust a 1 percent increase in soybean acres to 76.1 million acres nationally. Iowa’s 8.8 million soybean acres is the lowest in the state since 2001.