Iowa Soybean Association Responds to USDA Crop Report
ANKENY, Iowa - This morning, the United States Department of Agriculture (USDA) released its report of spring planting intentions.
Nationally, soybean acres are projected at 78.1 million acres, up 1 percent from last year, while corn is expected to be at 88.8 million acres, up 3 percent from 2009. This means U.S. growers could harvest a record-large 13.1 billion bushels of corn and a near-record 3.3 billion bushels of soybeans.
Iowa growers’ intentions for planting soybeans are projected at 9.9 million acres, up 300,000 acres or about 3 percent from 2009. Iowa corn acres are projected at 13.5 million acres, down 200,000 acres or about 1 percent from 2009.
Iowa Soybean Association (ISA) CEO Kirk Leeds says although the estimate for soybean acres is higher than last year, it is lower than many expected. “For soybeans, the acreage number isn’t enough to offset huge demand or give any allowance for poor weather,” Leeds says.
“The market reflects a clear understanding that long-term demand for soybeans (meal and oil) remains very strong,” Leeds adds. “It appears the global economy is beginning to rebound. As it does, especially in Asia, the rapidly rising trend line in the demand for soy will resume, perhaps more than many expect.”
Grant Kimberley, ISA director of market development, notes, “In addition, it is likely Congress will pass the biodiesel tax credit later this spring, and with the RFS-2, demand for soy will also grow, due to biodiesel.
“The Obama Administration has indicated that free trade agreements are a priority,” Kimberley adds. “This will be important for us to continue to develop new markets. Currently, there are three outstanding trade agreements – with Panama, Columbia and South Korea – which have been negotiated and need to move forward.”
“In the end, weather will be a major determinant of the final acreage mix,” Leeds says.
The Iowa Soybean Association develops policies and programs that help farmers expand profit opportunities while promoting environmentally sensitive production using the soybean checkoff and other resources. The Association is governed by an elected volunteer board of 21 farmers.
Nationally, soybean acres are projected at 78.1 million acres, up 1 percent from last year, while corn is expected to be at 88.8 million acres, up 3 percent from 2009. This means U.S. growers could harvest a record-large 13.1 billion bushels of corn and a near-record 3.3 billion bushels of soybeans.
Iowa growers’ intentions for planting soybeans are projected at 9.9 million acres, up 300,000 acres or about 3 percent from 2009. Iowa corn acres are projected at 13.5 million acres, down 200,000 acres or about 1 percent from 2009.
Iowa Soybean Association (ISA) CEO Kirk Leeds says although the estimate for soybean acres is higher than last year, it is lower than many expected. “For soybeans, the acreage number isn’t enough to offset huge demand or give any allowance for poor weather,” Leeds says.
“The market reflects a clear understanding that long-term demand for soybeans (meal and oil) remains very strong,” Leeds adds. “It appears the global economy is beginning to rebound. As it does, especially in Asia, the rapidly rising trend line in the demand for soy will resume, perhaps more than many expect.”
Grant Kimberley, ISA director of market development, notes, “In addition, it is likely Congress will pass the biodiesel tax credit later this spring, and with the RFS-2, demand for soy will also grow, due to biodiesel.
“The Obama Administration has indicated that free trade agreements are a priority,” Kimberley adds. “This will be important for us to continue to develop new markets. Currently, there are three outstanding trade agreements – with Panama, Columbia and South Korea – which have been negotiated and need to move forward.”
“In the end, weather will be a major determinant of the final acreage mix,” Leeds says.
The Iowa Soybean Association develops policies and programs that help farmers expand profit opportunities while promoting environmentally sensitive production using the soybean checkoff and other resources. The Association is governed by an elected volunteer board of 21 farmers.
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Funded by the soybean checkoff