Soybean futures rose significantly on Tuesday. In Chicago, beans rose 11.25 US cents for May to 1171.00 US cents/bushel. The November contract gained 13.50 US cents and reached 1157.50 US cents/bushel. By contrast, meal fell by 1.50 US dollars to 316.40 US dollars/short ton for May.
The upward movement was mainly triggered by USDA acreage data. At 84.7 million acres, the expected soybean acreage remains well above the previous year, but fell short of market expectations. This deviation was interpreted bullishly in trading and generated buying interest, particularly for the new harvest dates.
Stocks, on the other hand, had a dampening effect. At 2.105 billion bushels, these were above expectations and signaled a more comfortable supply situation, which slowed the rally somewhat.
The rest of the oilseed complex also showed strength. In Canada, canola continued to gain on the ICE, with the May contract rising by Can-$ 4.10 to Can-$ 731.80/t. On Euronext in Paris, rapeseed for May gained €6.25 to €514.25/t. The firm trend in vegetable oils further reinforced the bullish sentiment for soybeans.
