Many soybean producers say they get their best yields when they get the crop in the ground early, but that wasn’t the case this year. Pete Meyer of S&P Global says now farmers are seeing those ramifications.
“There’s a really good soybean demand story,” he told U.S. Farm Report host Tyne Morgan on AgDay. “When the Chinese and other consumers come to use very late in the season rather than go to Brazil and the South American producers, I think there’s a really great story there.”
Meyer thinks that story will hit after the quarterly stocks report is released in January because “we will know how big this crop is.”
To increase corn prices, Meyer believes more acres would have to go into soybeans in 2018.
“Unless corn prices rebound strongly, the bankers are going to control the soybean acreage we plant,” he said. “We saw it a little bit this year—I think we’re going to see more next year.”