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Soybeans with momentum heading into 2024
Soybeans have a lot of momentum going into 2024.
Iowa State University Extension economist Chad Hart says he expects a sizable jump in bean acres next year.
“That’s everyone’s line of thinking as we look out there. I would say the futures market is preparing for that, USDA and their projections. And every time I talk to farmers is that’s been the deal (to plant more soybeans).”
He tells Brownfield soybeans look more attractive as farmers put together crop budgets.
“As these prices have come back down, farmers are looking to conserve on cost. And yes, beans always has the lower input cost as we look out there.”
And Hart says the soybean market “has weathered the storm” better than corn.
“A lot of that is due to domestic demand buildups, as we’re using more in our internal crush. Exports are still off, but the last three or four weeks the data seems to be showing maybe that market is coming back in balance as well.”
He says those factors are leading to better profit margin opportunities, hence the shift to higher soybean acreage in 2024.
Almost 80% of the world’s Soy is fed to Meat-Animals for Non-Vegans ! Animal-Agriculture is the #1 destroyer of the Earth ! 🌱