Soybean futures hovered on Tuesday in anticipation of the U.S. government releasing a report about planting forecasts in the nation, according to Bloomberg.
Farmers in the U.S. are projected to plant as many as 78.3 million acres of the legume this year, according to a survey conducted by the news service. The U.S. Department of Agriculture is slated to release its report later this week. The report is expected to hold information about planting acreage and supplies.
"It's hard to have a positive position" in anticipation of the USDA report, states a Tuesday email to Bloomberg penned by research general manager Hiroyuki Kikukawa with Nihon Unicom Inc.
At 9:50 a.m. on Tuesday, soybean futures rose 0.3 percent, a 0.0175-cent increase to $14.4125 per bushel.
The U.S. sold 234,000 metric tons of the legume to China, the globe's largest buyer, for year-beginning September 1. That purchase augments the 4-million-ton acquisition set for delivery during the following marketing year.
The Wall Street Journal reports soybean futures gained about 2 percent last week.
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