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.
Related Stories
Corn inspections remain strong year-to-date, while China’s soybean and sorghum movement remains important to late-season export demand.
USDA says both crops remain ahead of the five-year average as farmers continue monitoring dry Corn Belt conditions.
Corn exports remained active the week of May 7, but weak soybean, cotton, and sorghum sales kept attention on China and late-year demand.
Dave Walton with the American Soybean Association joins us to discuss China’s new ag purchase commitments, E15 policy concerns, and spring planting conditions.
