Soybean closes higher after USDA report

Soybean futures rose on Tuesday, to extend the earlier gains after the release of the USDA’s acreage and grain stocks report.

The US Department of Agriculture released its quarterly report on the grain stocks and acreage on Tuesday, which showed that the total corn and soybeans acreage reached 176 million acres vs. March's estimate of 180.5 million acres.

The report showed that corn stocks reached 5.22 billion bushels, beating expectations of 4.95 billion, and reached 5.2 billion last year.

While soybean stocks reached 1.39 billion bushels, which came on par with market expectations.

Corn plantings reached 92.006 million acres, lower than expectation of 95.14 million and lower than 96.99 million in March.

And the soybeans acreage reached 83.82 million acres, also lower than market's forecasts of 84.83 million, and slightly higher than 83.51 million in March.

Soybean September futures rose 2.1% to close at $8.77 a bushel, after hitting a day high of $8.82 and a low of $8.56.