USDA Provides Initial Soybean Outlook
Projects US soybean plantings at 34.400 million hectares
The U.S. Department of Agriculture (USDA) held its annual Agricultural Outlook Forum outside of Washington D.C. in late February.
At the symposium, analysts and media members came to hear the agency outline its latest supply and demand projections for the upcoming 2020/21 U.S. marketing year, reports USSoy.org.
USDA projects US soybean plantings at 34.400 million hectares –- a rebound of 3.6 million hectares or 11.7% from hindered efforts last year totaling just 30.798 million.
While still a considerable rebound from actual seedings in 2019, USDA notes that the scale of the rebound is seen as being limited by more favorable corn prices relative to soybeans.
At the close of February, the soybean-corn ratio when measured with the respective new-crop contracts was 2.41, which slightly favors greater returns for planting corn when compared with soybeans where rotations allow.
Read the full report here.