Soybean futures were 11 to 27 1/4 cents higher after more than recovering from Monday losses. Old crop futures were stronger on the day, widening the inverse to November to $1.83/bu. Soymeal futures closed $4.70 to $5.10 higher on Tuesday. BO prices were up by 96 to 118 points at the bell. 

Survey results show pre-report expectations are for a 2020/21 global soybean stockpile of 86.7 MMT, which would be 200k MT below USDA’s April figure. The initial WASDE forecast for 21/22 bean carryout is expected to be somewhere between 78.7 and 100 MMT. 

Ahead of the report, traders are looking for South American production to be reduced 600k MT to 183 MMT. That comes from an anticipated firm 136 MMT Brazil figure and a 46.9 MMT Argentina crop. 

May 21 Soybeans  closed at $16.37 1/2, up 17 1/2 cents,

Jul 21 Soybeans  closed at $16.14 3/4, up 27 1/4 cents,

Nearby Cash  was $16.24 2/7, up 27 1/4 cents,

Nov 21 Soybeans  closed at $14.31 1/2, up 17 1/4 cents,

New Crop Cash  was $13.82, up 17 1/8 cents,