US farmers plan big 2024 soy crops

Next year, U.S. farmers will plant more soybeans amid rapidly growing demand for the feedstock from the biofuel sector, according to a Reuters report. Many farmers will also reduce the acreage under corn, as prices for the crop are hovering around a three-year low, and its reserves in the United States are quite large.

“We didn’t make any money on corn in 2023,” said Phil Volk, a farmer from North Dakota. He noted that the main income was received from growing beans.

“In recent years, North Dakota, which traditionally grows wheat, has seen a sharp increase in soybean acreage. Two new soybean processing plants seem poised to generate long-term demand for the seed oil,” Reuters explains.

American farmers are already thinking about the upcoming harvest. It is worth reminding that the sowing campaign will start in the country in April-May 2024. Sellers of seeds and fertilizers often offer discounts to farmers who sign contracts in advance. At the same time, insurance policies for oilseeds and grains must be purchased by mid-March.

“Farmers care about profitability for each crop. They take into account the cost of seeds for both corn and soybeans, as well as the availability and affordability of pesticides and fertilizers. By the way, corn requires more fertilizer than soybeans,” the statement said.

Tags: soybean, USA, sown area