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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Bangladesh recently pledged to purchase 700,000 tons of U.S. wheat and has also become a new buyer of American soybeans.
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.
Strong U.S. yields and steady demand leave most major crops well supplied, keeping price pressure in place unless usage strengthens or weather shifts outlooks.
