Mixed finishes for soybeans, corn, and wheat in the US

Wheat

Published Mar 14, 2024

Tridge summary

Weather conditions in South America and Brazil's competitive pricing on the export market have led to mixed results for soybeans. According to Allendale Inc.'s 2024 farmer acreage survey, the U.S. is projected to plant 85.832 million acres of soybeans, yielding an estimated 4.358 billion bushels. Corn remained mostly firm, with a predicted planted area of 93.472 million acres and a production of 15.515 billion bushels. The wheat complex was mostly lower, with a projected planted area of 47.622 million acres and a production of 1.886 billion bushels.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Soybeans were mixed, but closer to the session’s highs than the lows. Soybeans continue to concentrate on South America, with Brazil’s harvest about 60% complete, while development weather looks mostly favorable in much of Argentina, but damage is probable after recent flash flooding and heavy rain in some key growing areas. Brazil continues to hold a price advantage on the export market, limiting demand for U.S. beans. CONAB’s new estimates for Brazil’s crop and the USDA’s updated supply and demand numbers are both out April 11th. Allendale Inc.’s 2024 farmer acreage survey has U.S. planted area at 85.832 million acres, compared to the USDA’s Ag Outlook Forum estimate of 87.5 million and the 2023 total of 83.6 million acres. With a trend line yield of 51.4 bushels per acre and projected harvested area of 84.733 million acres, that puts production at 4.358 billion bushels. Soybean oil was supported by the recent strength in global vegetable oils, while soybean meal was down on ...

Source: Brownfield Ag