Soybeans soar, corn drops after acreage numbers

Soybeans were sharply higher on speculative and technical buying, pulling contracts to a higher weekly finish. Farmers planted fewer than expected soybean acres this year and quarterly stocks were below pre-report estimates. Near-term crop weather looks mixed, with increased chances of rain in some areas, but with potential for severe storms. Soybean meal and soybean oil were up on the fundamental implications of a smaller than expected U.S. crop. It’s likely those acreage numbers will change further.

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