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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Ag Secretary Brooke Rollins will travel to Europe and Asia to seek new trade partnerships for U.S. crops after China reduced imports due to tariffs.
The American Soybean Association is calling on the White House to ease up on Chinese tariffs
Foreign trade partners, such as China and the European Union, are still purchasing U.S. commodities, but are becoming more cautious as the Trump Administration’s tariff deadline approaches in August.
