While corn saw a big boost in this month’s WASDE report, soybeans are looking at the lowest acres in several years.
Market analyst Brian Hoops explains why.
“On the flip side, because we planted more corn acres, you had less soybean acres planted; the smallest soybean acres since 2019. Even though you had a new record yield for soybeans, the smaller harvested acres took away over 150 million bushels of supply, a pretty sizable amount, and we pushed sharply higher. Now the question is, where do we go from here?”
A social media post this week by President Trump sent waves through the soybean market. He urged China to return to the buying table, but it is a move many analysts feel is unlikely to happen.
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ASA President Scott Metzger says soybean growers remain focused on trade, the Farm Bill, renewable fuels, and market stability as Congress weighs additional assistance for farmers and export opportunities.
Weekly USDA export inspections showed stronger wheat shipments, steady corn demand and continued buying interest from China and Mexico.
The situation will be closely watched as the harvest approaches and exporters prepare for heavier corn and soybean movement.
USDA says strong export demand and large grain supplies are increasing pressure on the nation’s transportation system.
