CBOT Soybean Futures Rise 1% as USDA Forecasts 44.35B Bushels New-Crop Production

According to the U.S. Department of Agriculture supply and demand report, CBOT soybean futures closed up 1% on Tuesday (May 12), with the benchmark contract gaining strength on supportive supply and demand data.

The USDA's monthly forecast showed new-crop soybean production at 4.435 billion bushels, up 4.06% year-over-year but slightly below market expectations. Crushing volume was estimated at 2.75 billion bushels (up 4.56%), export volume at 1.63 billion bushels (up 6.54%), and ending stocks at 310 million bushels (down 8.82%), also below market projections.