Drop in acreage boosts soybean price

firmed. This was the first daily export soybean sale announcement since early June. Weekly export sales were 8.4 million bushels and a five-week low. Total commitments at 1.922 billion bushels are 13 percent behind last year. The USDA is projecting a 7 percent decline in year-on-year exports. We need to average 1.7 million bushels of sales per week to meet the USDA forecast of 2.0 billion bushels. New crop sales were 600,000 bushels bringing total commitments to 123.1 million bushels. This is way behind the 495 million bushels on the books last year.

Outlook: The June 30 reports gave the soy complex a big boost with the drop in acreage and fewer stocks than expected. This should provide underlying support, but the weather will remain a significant factor in price direction. Keep an eye on the forecasts.

For the week, August soybeans rallied 38 cents to $14.42 and November soybeans jumped 33.25 cents to $13.43.25 per bushel. August meal was $6.50 higher at $413.90 per ton. August soyoil ended the week locked limit up with a weekly gain of $5.13 at $61.70.

July 4th holiday price history for November soybeans: the day before the holiday it closed higher seven times and lower five times. The day after the holiday it closed higher three times and lower eight times.

Weekly price changes in September wheat for the week ended June 30: Chicago wheat plunged 95.5 cents to $6.51, Kansas City dropped 61.75 cents to $8.00, and Minneapolis fell 56.75 cents to $8.17 per bushel.

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