Analyst: WASDE signals greater soybean plantings
A soybean market analyst says the latest USDA supply and demand data suggests increasing soybean acreage for 2021. Current prices and corn to soybean ratios favor planting more soybeans, according to Mac Marshall, the vice president of market intelligence for the United Soybean Board and the U.S. Soybean Export Council.
“There’s ample reason to scale up soybean plantings this spring,” Marshall told Brownfield Ag News. “There’s certainly a price signal for that, and that’s predicated on balance sheets which are really asking for more soy production to come into the system.”
U.S. planting determinations will become clearer once it’s known what production is in other parts of the world, said Marshall.
“What comes to fruition in the South American crops will give us an even better picture for the interim forecast beyond this marketing year and really over the next couple,” said Marshall, “as the markets work through the prices that are high right now, and balance sheets start to stabilize a little.”