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Farms.com Home  › News

USDA releases acreage projections for upcoming year

The USDA says American farmers will increase the amount of soybeans seeded this spring while lowering corn acreage.

The forecast is that soybean acreage will rise to 88.0 million from 87.2 million last year.

Corn plantings are expected to be at 92.0 million acres compared to 93.4 million in 2021.

Total U.S. wheat plantings for 2022/23 were projected at 48 million acres, up from 46.7 million in 2021/22.

The USDA's annual Agricultural Outlook Forum got underway Thursday morning.

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U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!

 
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