Soybean futures were on track Friday to settle at their highest in three weeks after the U.S. Department of Agriculture’s Prospective Plantings report showed 2023 soybean intended plantings little changed from 2022. The report showed that soybean area planted in the U.S. at 87.45 million acres in 2022, with intended plantings at 87.505 million acres this year. “Given how tight U.S. stocks are, and the expected growth in domestic demand, this will likely keep supply and demand tight for the next year,” said Darin Newsom, Barchart senior market analyst. The most-active May soybean contract
SK23,
rose 33 cents, or 2.2%, to $15.07 ½ a bushel. A settlement around this level would mark the highest for a most-active contract since March 10, FactSet data show.
