USDA indicates 3% increase in US soybean area 24/25, but lower number than Outlook Forum
Soybean
United States
Market & Price Trends
Published Mar 29, 2024
Tridge summary
The USDA's Prospective Plantings report for the 2024/25 harvest season in the United States anticipates changes in the agricultural landscape, with soybean planting areas expected to increase by 3% to 35.01 million hectares, albeit slightly lower than initial estimates. Conversely, corn planting is projected to decrease by 5% to 36.42 million hectares, not meeting prior expectations or the previous year's planting. Wheat planting is also expected to decline by 4% to 19.22 million hectares, though this figure is somewhat more optimistic than market forecasts. These projections highlight a shift in farming priorities and land use for the nation's major crops in the upcoming season.
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
The USDA (United States Department of Agriculture), this Thursday (28), brought its planting intention report for the 2024/25 harvest in the United States - Prospective Plantings - indicating a 3% increase in soybean area for 35.01 million hectares. The number was in line with average market expectations, but below what the USDA estimated during the Outlook Forum in February, of 35.41 million hectares. For corn, the area projected by the USDA this Thursday was 36.42 million hectares, also smaller than what the department reported at last month's event, when it estimated 36.83 million hectares and 5% smaller than that of the previous harvest. The average market projections were ...
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