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Guotai Junan Futures: U.S. soybeans remain in a range-bound pattern between 1050 and 1250 cents per bushel.

K-LinePoet
According to the data released by the USDA on June 30, U.S. soybean new crop planted area is expected to be 85.4 million acres, with market expectations at 85.37 million acres, and the March planting intentions report at 84.7 million acres, representing a 5% increase from last year. As of June 1, 2026, total old-crop soybean inventories in the U.S. stand at 1.06B bushels, compared to market expectations of 1.05B bushels and 1.01B bushels during the same period last year. Overall, this report is bearish but close to pre-report expectations, leading to a pattern of bearish factors being exhausted as short positions were aggressively covered after the report. On the whole, U.S. soybeans remain in a range-bound pattern between 1050-1250 cents per bushel, supported by ample global supplies on one hand, and robust domestic demand and guaranteed exports on the other. Breaking out of this range will require a strong catalyst, such as drought in major producing regions. In the coming month, key focus areas will be weather in major U.S. producing regions and the specific pace of Chinese purchases of U.S. agricultural products. (Guotai Junan Futures)
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