The annual planted acreage report from the U.S. Department of Agriculture (USDA) surprised soybean markets last Friday, with prices surging on lower-than-expected acres planted to beans.

At market close after the report’s release June 30, July 2023 soybeans were up 74 cents. November soybean futures were up 77 cents.

The USDA report estimated soybean planted area nationally for 2023 at 83.5 million acres, down 5% from last year.

In Iowa, farmers planted 9.7 million acres of beans...