Farm Bureau: This week’s soybean numbers were driven by trade uncertainty

Analysts say this week’s data around planting intentions was not surprising, and economists at the Farm Bureau believe trade issues played a role in the results.

“I think this year might have even more uncertainty than normal around the quickly escalating trade war and the big question marks in the biofuel policy space. These dual concerns and uncertainties with sliding prices as well for soybeans, I think, led to some of the significant drop in soybean acres,” said Betty Resnick.

For most farmers, business is as usual despite the current uncertainty in the industry. While this week’s information from USDA was helpful, one broker says he has his sights set a few months out.

”...The May WASDE report will help us to see our first balance sheets for the new crop, corn and beans, but overall, these numbers will change. We won’t see any major changes until we get that June report,” said Greg McBride.

Another big economic indicator out this week shows that producer sentiment is slipping. This month’s Ag Economy Barometer shows a 12-point drop from last month, and it comes after a 15-point drop in February. Economists from Purdue University say weak expectations for the future led to the decline.

Related Stories
Heavy rains are wreaking havoc on Argentina’s farmland, leaving nearly 4 million acres at risk and delaying corn and soybean plantings in one of the world’s top grain export regions.
Bangladesh recently pledged to purchase 700,000 tons of U.S. wheat and has also become a new buyer of American soybeans.
Ethanol exports are expanding on strong demand from Canada and Europe, while DDGS shipments remain broad-based and supportive for feed markets.
Dalton Henry, with U.S. Wheat Associates, joined RFD-TV to provide insight on what the pending trade frameworks may mean for American wheat growers.
A massive rail merger could significantly impact North American agriculture and trade flows.
Lower turkey and wheat prices helped ease Thanksgiving costs, but underlying farm-sector pressures remain significant.
Hunter Biram, an extension economist with the University of Arkansas, is tracking Mississippi River water levels as grain shippers shift their focus to transportation following the wrap-up of fall harvest.
Lewis Williamson with HTS Commodities shares an update on post-WASDE grain movement, with corn leading export momentum, soybeans steady, and wheat and sorghum continuing to move selectively.
China still has a long way to go before it meets its commitment to buy 12 million metric tons of U.S. soybeans this year.

Agriculture Shows
From the rapid technological advances in the business of farming to the policy that helps shape the industry, growers get unparalleled perspective from these guys. Max Armstrong, Mike Pearson and Greg Soulje: the names producers have long known and trusted for agriculture news, weather, and commentary.
Watch Rural Evening News to catch up on that day’s news surrounding agriculture and markets from across the world. Along with market news, our news staff will bring you news stories covering topics including auctions, cattle, farm equipment, ranch, real estate, and much more!
Every day, “Market Day Report” delivers “live” coverage of agri-business news, weather, and commodity market information from across the world. Our market coverage is constantly updated every half-hour, bringing you the latest on the markets.
Farm Monitor shines a light on Southeastern agriculture and is the only weekly news and information program dedicated to Georgia’s largest and most important industry: agriculture.
Check out FFA Today, a fun and fast-paced show featuring fascinating stories about amazing kids and unique agriculture industries.