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Game Changer for Soybeans? USDA Ignites Fireworks in the Markets With Two Major Acreage Surprises


USDA released a few big surprises in the June acreage report, including a spike in corn acres and a large reduction in soybean acres. The agency also forecasts grain stocks below trade expectations. The markets had a lot of news to digest on Friday between the report news and the rain and derecho damage across the Corn Belt, but analysts called Friday's reports a "game changer" for soybeans.


According to USDA, farmers made a big cut to their intended soybean acreage. USDA Jun acreage report shows farmers planted 83.5 million acres of soybeans, a large reduction from the the 87.51-million-acre intention in March. This year’s planted acreage for soybeans is 5% below last year.


By TYNE MORGAN

June 30, 2023

agweb.com


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