To make matter worse for the soybean farmers, May and June saw extreme heat and dry weather in the key areas of Midwest. Compared with last year, soybean planted acreage was seen down in key states of Illinois, Iowa, Ohio, Indiana, Kansas, Missouri, North Dakota and Nebraska, as farmers were seen opting for more corn acreage, which caught the market by surprise. The US soybean planted area for MY 2023-24 was estimated at 83.5 million acres, which was 4.6% lower than May's forecast and 5% lower year on year. With oilseed prices on a steady climb due to robust global demand and supply issues in the Black Sea, it appeared as if the US soybean farmers were eventually going to catch a break after a dull 2022.īut the euphoria was short-lived as just a month later the USDA's projections changed drastically in its acreage report released June 30. Just before the oilseed sowing for MY 2023-24 began mid-May, the US soybean production was forecast at record 122.74 million mt with a yield of 52 bushels/acre, up 5% on the year and acreage estimates of 87.5 million acres, steady on the year, the US Department of Agriculture's May 12 World Agricultural Supply and Demand Estimates report showed. Receive daily email alerts, subscriber notes & personalize your experience.
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