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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“Those could’ve easily been our beans going over there. It goes to show that if that opportunity is there, China would be willing to buy.”
Strong corn exports are anchoring U.S. trade, while soybean sales remain steady, but shipments lag.
U.S. soybean farmers are growing increasingly frustrated by Argentina’s gains in Chinese grain contracts and Trump’s pledge of economic support for the South American ally.
Midwest corn and soy producers are monitoring for disease and lower yields due to the ongoing drought over the last 30 days.
