Posts in Soybeans
Market Update for Corn, Soybeans, Rice and Cotton: July 2024

The 2024/25 U.S. corn outlook indicates larger supplies, greater domestic use and exports, and slightly lower ending stocks. Beginning stocks for corn were lowered 145 million bushels largely upon greater use forecasted for 2023/24. Exports were raised by 75 million bushels based on current outstanding sales and shipments to date. Feed and residual use is up 75 million bushels based on indicated disappearance in the Grain Stocks report for June.

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NCGA, Joined by Other Ag Groups, Warns Commerce on Herbicide Tariffs

The National Corn Growers Association, joined by five other commodity groups, sent a letter to Department of Commerce Secretary Gina Raimondo asking her to consider the impacts on farmers as she reviews a petition by the agricultural chemical company Corteva that would place duties on imports of the herbicide 2,4-D.

“Restricting imports of 2,4-D will have wide-ranging consequences for farmers,” the letter said. “American farmers cannot solely rely on Corteva, which is the only domestic supplier of 2,4-D, because there is not enough supply to meet demand.”

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June 2024 Acreage Report and Grain Stocks Summary

The USDA recently released its annual Acreage Report which provides markets a more accurate idea of spring planting progress and what potential supply implications may be in store for the 2024 crop year. On the demand side, USDA also released its Quarterly Grain Stocks report which shows usage rates between March 1, 2024 and June 1, 2024. These changes in supply levels will impact 2023/24 ending stocks and 2024/25 beginning stock levels which will subsequently be reflected in the July World Agricultural Supply and Demand Estimates report.

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Changes to Planted Acreage for Southern Crops in the June Acreage Report

On Friday June 28th the USDA released its annual Acreage report. The report estimates planted acreage of principal crops based on producer surveys conducted in the first two weeks of June. Nationally, principal acres planted were estimated at 315.177 million acres, up 1.866 million acres compared to the March Prospective Plantings report and 4.424 million acres lower than last year (Table 1). Southern states accounted for 22.8% of principal crop acreage.

Southern states account for 75% of rice production nationally, with Arkansas the largest producer. Rice acres planted were unchanged in Texas and Mississippi, declined 30,000 acres in Arkansas and increased 30,000 acres in Louisiana.

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Tissue Testing Helps In Determining Hidden Hunger Potassium Deficiency In Soybeans

Potassium deficiency symptoms in soybean first appear as irregular yellowing on the edges of K-deficient leaves, typically manifesting as early as the V3 vegetative stage (three trifoliolate leaves), primarily on the lower older leaves (Figure 1). In severe K-deficient soils, symptoms often appear on the upper younger leaves during the reproductive stages (Figure 2). Early-season K deficiency symptoms are relatively easy to diagnose and manage. However, many soybean fields experience K deficiency and consequent yield losses without displaying visible symptoms until the later reproductive growth stages (beginning seed, R5 to full-seed, R6).

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Crop Market Update: June, 2024

The 2024/25 U.S. corn outlook is unchanged relative to last month. The season average price received by producers remains at $4.40 per bushel. USDA will release its Acreage report on June 28, which will provide survey-based indications of planted and harvested area.

The 2024/25 outlook for U.S. soybeans includes higher beginning and ending stocks. Higher beginning stocks reflect reduced crush for 2023/24, down 10 million bushels on lower soybean meal domestic use that is partly offset by higher exports.

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Which States had the Highest Percentage of Soybeans in Good/Excellent Shape?

In the first report of soybean conditions for the growing season, USDA said at least 75% of the crop in these five states are rated good/excellent.

According to USDA’s Crop Progress report for the week ending June 9, Louisiana had the largest percentage of soybeans rated good/excellent, at 83%. Louisiana is the only state of the top-producing states that does not have any soybeans rated less than fair.

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SoybeansAvery Davidson
Brazil Tax Change Could Make US Soybeans More Attractive

Bloomberg’s Clarice Couto reported this past Friday that “a surprising tax change in agriculture powerhouse Brazil has the potential to make soy grown in the world’s largest bean exporter less competitive with supplies from the US, according to a report from risk management firm Amius Ltd. The provisional measure, signed Tuesday by President Luiz Inacio Lula da Silva, limits the ability of Brazil’s commodity exporters and processors to monetize tax credits. To compensate, merchants will likely raise soy prices, making beans grown in Brazil less competitive with American soy, at least in the short term.”

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Soybeansdon molino
Soybean Request for Referendum to Begin May 2024

The U.S. Department of Agriculture (USDA) will conduct the Soybean Request for Referendum May 6 through May 31, 2024, in county Farm Service Agency (FSA) offices.

The Soybean Promotion, Research and Consumer Information Act requires USDA to conduct a Request for Referendum every five years to determine if producers want to vote on continuation of the Soybean Checkoff Program. The last Request for Referendum was conducted in 2019.

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Market Update for Corn, Soybeans, Rice, and Cotton: May 2024

The 2024/25 U.S. corn outlook is for larger supplies, greater domestic use and exports, and higher ending stocks. The corn crop is projected at 14.9 billion bushels, 3 percent down from last year’s record as increases in yield helped partially offset decreased area. The yield projection of 181.0 bushels per acre is based on a weather-adjusted trend assuming normal planting progress and summer growing season weather, estimated using the 1988-2023 period. 

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April 2024 Louisiana Soybean Update: Planting Progress and Replanting Considerations

Louisiana's 2024 soybean planting season had a later start compared to last year but was ahead of the historical five-year average according to the latest USDA-NASS survey as of the week ending April 7th, 2024. Recent precipitation, particularly the heavy storms on April 10th, have likely slowed planting progress and may raise concerns about stand establishment due to factors such as soil crusting, hail damage, and flooding/saturated soils.

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Soybeansdon molino