Monday’s Futures Setups

Soybean futures, which
have been making some strong moves to the upside, soared even higher
today. The big news that moved the bean markets today was when the US Department
of Agriculture released the projection of just under 73 million acres in U.S.
soy seedings. Some estimates had pegged seedings as high as 75 million acres. 

Today’s move could fuel
further momentum and extend soybeans’ five-month rally.

The news caught investors by surprise. In
addition to the hot weather in the region, it could add to the increase in
soybean prices. Soybean prices immediately jumped more than 10 cents a bushel to
$5.32 1/2 after the announcement. August soybeans
(SQ2)
rose 13 cents or 2.52% to $5.28 a bushel.