The number of soybean acres in Manitoba will likely increase again in 2014, says a senior market analyst with FarmLink Marketing solutions.
"When we think about relative prices, the conversations we have with our clients point to soybeans being a more attractive crop to grow than a lot of other planting options," says Jon Driedger. "Perhaps that math changes by the time the crop goes in the ground, but the way it looks today, we probably will see some increase again."
Soybean area in Manitoba grew by 28 percent from 2012 to 2013, with a record 1.08 million acres planted last year.
Soybean futures have dropped over the last two weeks due to improved prospects for the South American crop, but prices remain relatively strong compared to corn and other commodities farmers could grow.
"They've held up better than a lot of crops, and that's a function of the soybean market still being relatively tight," he says, noting that's largely due to large soybean demand from China.
Source: SteinbachOnline