Planting Progress Leaps Forward, But Behind Average
The USDA released its eighth Crop Progress Report of the 2024 growing season. Here’s a look at the most recent corn, soy, wheat, and oat numbers.
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soybeans
U.S. Soybean Share in China to Fall as Argentina Gains Ground
U.S. soybean exports to China are set to decline further in 2024 as Argentina and Brazil increase their share in the world’s largest soybean market.
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Soybean Acreage Has Outpaced Corn and Wheat Since 2000
Between 2002 and 2022, soybeans were the second-most planted crop in the United States, behind corn.
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Deere Predicts ‘Total Autonomy’ by 2030
Deere & Co. says corn and soybean production in the US could be fully autonomous by 2030.
Read moreBiodiesel Gains Market Share, Drives Up Demand for Soy
As bidding gets more aggressive on soybean oil, crushers accelerate production. Before last week’s crop production report, soybean prices hit a 10-year high.
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Soybean-Spiking Scheme Leads to Prison Time
Soybeans, trading near the highest levels since 2014, currently fetch almost four times the price of oats. That motivated a GM of a warehouse in Iowa to add oats to grains sold as wholly containing soybeans.
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U.S. Farmers Are Planting More Row Crops Than Ever
Behind the increase lies a sharp rise in soybean prices over the past eight months—67 percent since June 1. Prices have been lifted by surging demand for U.S. soybeans in China.
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Low Commodity Prices Add Stress to Tight Farm Budgets
Despite a wind storm tearing through the Midwest and drought conditions in isolated areas, a bumper crop of both corn and soybeans is expected this year.
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China Still Expected to Dial Up Soy Purchases
China’s hog herd is recovering well from African swine fever. The country is expected to accelerate soybean purchases from the U.S. between May and August.
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Ahoy, Soy: Beans Arrive on China’s Shore
American soybeans that were once stranded on ships along China’s coast are now coming ashore. The beans were stranded because although a 30 percent retaliatory tariff had been waived, buyers still had to pay a deposit.
Read moreChina Buys Ag Products of ‘Considerable Scale’
Chinese buyers have “completed deals to buy soybeans and pork of considerable scale.” Negotiators are due to resume talks this month in Washington.
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China Admits It’s Been Sanctioning U.S. Soybeans
China newswire Xinhua revealed something interesting. It said Beijing “will allow Chinese businesses to purchase a certain amount of soybeans and pork from the United States.” The word “allow” is key.
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