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U.S. soybean planting begins

U.S. soybean planting begins

American farmers have seeded 2 per cent of the national crop, the USDA reported

By Diego Flammini
Staff Writer
Farms.com

Soybean planting is in its early stages across the United States.

American producers have seeded 2 per cent of the national soybean crop, the U.S. Department of Agriculture’s (USDA’s) Weekly Weather and Crop Bulletin said on April 21. That figure is up by one percentage point from this time last year.

In total, the USDA is projecting U.S. farmers will plant around 85 million soybean acres.

Growers in Louisiana and Mississippi lead the country with 24 and 21 per cent of soybeans planted respectively.

Farmers in Kentucky have planted 9 per cent of their soybean crop and are happy with how things have gone so far.

“We planted about 120 (out of 1,200) acres of soybeans yesterday,” Richard Preston, a producer from Hardin County, Ky., told Farms.com. “The conditions were pretty much perfect.”

Mother Nature, however, has other plans.

The weather forecast in Preston’s community is calling for cold and wet conditions, putting further planting dates on hold.

“We’re not going full speed because of the weather that’s coming,” he said. “It looks like we’re going to be slowed down for the next eight days.”

Corn planting continues across the country as well.

American farmers have seeded about 7 per cent of the U.S. corn crop, the USDA reported. That figure is up from 3 per cent last week.

The USDA expects growers to plant around 94 million corn acres in 2020.

Farmers in Texas have seeded 64 per cent of the state’s corn crop, followed by North Carolina at 49 per cent.

Some growers in the Lone Star State are finished planting and have crops in the vegetative stages.

“We typically start planting around the middle of February, so we’re actually done” Aaron Martinka, a grower from Milam County, told Farms.com. “Corn in this area is anywhere from V5 to about V8.”

Martinka’s 3,000 acres of corn sit in what he describes as a “honey hole.”

Producers to the south of him are dry and growers to the north of him are wet and may have to file prevent plant acres, he said.

“I’m wondering how my conditions are going to be for the rest of the season,” he said. “We’re just right and we haven’t had any disease pressure yet.”


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Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.