Why exactly were soybeans bullish in January’s WASDE report?

This month’s WASDE report showed a bullish outlook on soybeans. USDA made cuts to both soybean and corn numbers and left the South American crop unchanged.

An economist says both marketplaces are uncertain with the news about the South American crop and the potential for trade wars with the incoming Administration. It is something that traders are watching, but they warn there are several other factors at play moving forward.

“This is something that we’ve got to keep an eye on, but the big questions remain, as I said with the corn, it’s the South American production. And then we do have to concern ourselves with risk to prices based off of any tariffs coming in with the new Presidency and potential trade wars,” said Greg McBride.

Also on everyone’s radar in the coming weeks is Brooke Rollins, President-elect Trump’s pick to lead USDA. Cabinet nominees have begun their confirmation hearings this week. So far, Rollins’ hearing has not been scheduled.

Related Stories
Bryan Combs with USDA’s National Agricultural Statistics Service breaks down new farmland data from the TOTAL survey, highlights key findings, and potential impacts for the ag sector. ASFMRA’s David Klein also shares how those trends are reflected in the current farmland market, especially in the Midwest.
APHIS Veterinary Medical Officer Dr. Chelsey Shiveley discusses USDA’s biosecurity resources available to poultry producers ahead of spring migration, increasing the risk of Highly Pathogenic Avian Influenza (HPAI) threatens commercial flocks.
Nebraska’s largest wildfire on-record has burned 650,000 acres, with three other major fires also burning across the state, destroying pastureland and threatening cattle.
Corn and sorghum exports continue outperforming soybeans.
The action follows the March 13 ruling by the U.S. Court of Appeals for the Ninth Circuit, which upheld a district court decision denying a preliminary injunction that sought to halt the exchange.
Export competition remains heavy despite solid trade.

LATEST STORIES BY THIS AUTHOR:

China’s changing pork demand may limit export growth opportunities.
Charly Cummings with Superior Livestock Auctions provides a real-time look at cattle market activity, demand trends, and what lies ahead for upcoming livestock auctions in Texas.
North Carolina Farmer Trey Braswell joined us to discuss the White House Easter Egg Roll, his company’s continued involvement, and efforts to expand access to eggs nationwide.
Rancher and Americans for Prosperity Director Tyler Lindholm breaks down the Wyoming Food Freedom Act, clarifies licensing questions, and discusses the future of local agriculture in the state.
Farm Bureau Economist Dr. Faith Parum warns farmers to brace for more losses as the war in Iran sends shockwaves through the ag economy and raises input costs even further.
Fewer DEF-related shutdowns could mean more uptime during planting and harvest seasons.