Soybeans 1037-2s +57-2
Wheat 615-6s +32-2
Corn futures ended up more than 7% on Tuesday, as grains soared on data from the US Department of Agriculture which showed stocks and acreages sowed behind analyst's expectations.Grains are making 2015 highs, as the markets adjust to a double whammy of lower than expected sowings, and surprisingly thin stocks.
Soybeans saw the biggest surprise in the USDA numbers.US stocks of soybeans as of June 1 were seen at 625m bushels, compared to trade expectations of 670m bushels.
'Another big surge'Soybeans acreage estimates, based on early June surveys, were seen at 85.139m acres, compared with analyst's expectations of 85.171m acres, though still exceeding 2014 plantings of 83.701m acres.
The latest planting data may not even show the full extent of the decline in soybean acreage, as it will not reflect the most recent changes in farmer intentions as a result of the heavy Midwest rains, which could have caused farmers to take out prevented planting insurance, leaving the ground unsown....MORE