Following a banner day for U.S. soybean futures, which rocketed about 6% higher on Friday after the U.S. Department of Agriculture (USDA) reported a significantly lower-than-expected 2023 soy plantings and June 1 inventories, the commodity continues to climb on Monday, lifting agriculture-related ETFs as well.
On the Chicago Board of Trade, November soybeans closed 77-1/2 cents higher on Friday to reach $13.43-1/4 per bushel. However, as of 130PM EST Monday, prices have climbed more than 1% again, notching nearly $13.58 a bushel.
Soybean futures surged after the USDA noted that U.S. farmers planted 83.5 million acres of the commodity, or 4 million acres lower than the government’s March prognostication, which was below the lowest level of several analyst estimates. The reduced acreage suggests a decline in soybean crops will be harvested.