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Soybean prices jump on Prospective Plantings Report

An agricultural economist with the University of Illinois says the USDA’s Prospective Plantings Report shows more farmers plan to plant soybeans this year.

However, Joe Janzen says the shift in acres fell below pre-report estimates.

“With this continued slow decline in U.S. crop acreage, we saw this swing from corn to soybeans being 1,000,000 acres less than expected.”  He says, “We’ve really seen soybean prices be the driver.”

In a FarmDoc webinar, he says soybean prices jumped around twenty cents on the news of the shortfall.

“This swing towards bean acres is not enough to fill up the balance sheet in the way that we needed to deal with the kinds of demand factors that we expect to see coming down the pike in 2026 and beyond.” He says, “And we really need slightly higher prices to kind of address that situation.”

Janzen says corn prices were mostly unaffected by Tuesday’s report.