The United States Department of Agriculture (USDA) said in its acreage report on Friday that U.S. farmers planted an estimated 89.6 million acres of soybeans compared to an estimated 89.1 million acres of corn in 2018. It is the first time in 35 years that farmers planted more soybeans than corn. Both measures are down from 2017 figures but align with analyst expectations for 2018. While growers were expecting better returns on soybeans in the middle of planting season, a brewing trade war with China has filled the soybean market with some anxiety. China is the world’s largest importer of soybeans and the U.S.’s largest customer of the oilseed. Since the planting season has ended and trade tensions have arisen, commodity prices for soybeans and corn have fallen.
Stocks, or supplies, of both crops reached record or near-record heights, while the use of both crops reached all-time-record highs. Soybean stocks reached 1.222 billion bushels as of June 1st, surpassing a record of 1.092 billion, which was set in 2007. Soybean use was the highest ever recorded at 888 million bushels for the quarter. Corn, on the other hand, reached 5.306 billion bushels in stock, while usage rose to a record 3.59 billion bushels during the quarter. The corn stocks figure is the highest June figure since 1988 and the third highest ever.
4/30/2023 08:13:29 am
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