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USDA forecasts soybean acreage to fall below average trade estimates

Posted by Eduardo Moreno

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The United States Department of Agriculture (USDA) estimates that the soybean planted area in the country will be lower than trade expectations this year, World Grain reported on 1 July.

In its 30 June acreage report, the USDA estimated the soybean planted area for 2021 at 35.4M ha (87.5M acres), and harvested area at 35ha (86.7M acres), both up 5% from last year. This compared with average trade expectations of 35.9ha (88.9M acres). In March, the USDA had forecast soybean planted area at 87.6M acres, according to the report.

In its Grain Stocks report published on 1 June, the USDA estimated soybean stocks at 767M bushels, down 44% from last year, against a trade average of 787M bushels, World Grain wrote.

While the trade was looking for more soybean acres to replenish supplies for the 2021/22 marketing year, the planted area forecast had instead come in below trade expectations, despite being well above last year’s levels, according to the report.

Corn and wheat stocks also came in below the average of trade expectations, World Grain said.

Source: Oils & Fats Internacional (OFI)