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Soybeans “appealing” as farmers look at 2024 acreage

Soybeans are expected to regain some ground next year.

Ag economist David Widmar with Ag Economic Insights says price ratios should favor soybeans in 2024.

“Maybe not as strong as we would’ve seen for the cash prices today and producers will have to keep an eye on that, but soybeans’ other appeal is that it takes less dollars to plant that crop. It’s a less variable cost going into that crop.”

He tells Brownfield acreage got a bit out of balance with ratios screaming ‘plant corn’ in the fall of 2022.

“A lot of economic incentive to put in the fertilizer and get the ground ready for corn, and it resulted in a pretty burdensome corn acre situation as we sit today.”

Widmar says corn prices are suffering from a 15 percent increase in stocks to use while soybean prices benefit from tighter supplies.

Brownfield interviewed Widmar Tuesday during the Iowa Farm Bureau Annual Meeting in Des Moines.