U.S. soybean acreage to shrink to a four-year low, Gro predicts

Published 2023년 3월 6일

Tridge summary

The article highlights a predicted decrease in the cultivation of soybeans in the US, reaching a four-year low, as farmers shift their attention to corn and wheat due to more profitable commodity futures. This shift could result in tighter soybean supplies, though the anticipated record soybean crop in Brazil and reduced planting in cotton could mitigate this. Additionally, there's an expected surge in corn acreage, a slight increase in spring wheat planting, and an overall rise in total wheat area, despite potential production losses due to drought in key growing states.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

US acres earmarked to soybeans will shrink to a four-year low this spring as growers plant more acres to corn and wheat, according to Gro’s Planting Intentions Models’ estimates. Gro’s US Planting Intentions Models for corn, soybeans, wheat, and cotton, which generate acreage forecasts starting in February, provide users insight into expected planting mixes three to four weeks before the USDA’s Prospective Plantings report is released on March 31. Another big drop in soybean acreage occurred in 2019, following extensive flooding in the Midwest, which contributed to a 15% drop in US soybean production from the five-year average at that time. Heading into this year’s US planting season, growers are likely to forgo planting soybeans because commodity futures prices are signaling that planting corn and wheat will be more profitable. At its current level, our Planting Intentions Model for Soybeans’ projected contraction in planted acres would further squeeze the US’ soybeans ...

Source: Gro-intelligence