Soybean Market Update (Jul 03, 2017)

Soybean prices in the international market increased on Monday. Also, soybeans hit their highest since late May. China's soymeal futures raised by 4 percent on Monday which is their biggest one day jump in a year on track. Most active soymeal futures on the Dalian Commodity Exchange were increased to 3.94 percent on Monday. According to the U.S government on Friday, U.S. farmers seeded a record amount of soybeans this spring which was in the hope that strong export demand would make up much of the fall harvest despite bumper crops in Brazil and Argentina that have enlarged global stocks.

As of June 1, supplies for all three commodities remained powerful with stocks of both corn and soybeans which were the third biggest ever for the period. Soybean plantings came in at 89.513 million acres which were high as compared to the March soybean plantings estimations of USDA of 89.482 million acres. Soybean stocks as of June 1, were 963 million bushels high from 872 million a year earlier. The June 1 soybean stocks reading was the biggest in 10 years.

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