That's part of an anticipated record soybean crop of 84.8 million acres across the U.S. That's up 11 percent from a year ago,
Corn remains the dominant crop in
"This year we had a few more go to beans than stayed in corn, basically due to the market," said
Strong storms that pelted the state in June likely will cut into projected volumes, officials said.
Some reports estimate acreage losses statewide at 1 percent, the association said.
"But to the other extreme, I have a few bare spots in fields from the ground being too dry at planting," he said. "A challenging year so far."
Yields appear to be up this year, Fitkin said.
"The trend line has been good for increasing yields, and demand has been increasing," he said.
Fitkin said the livestock market appears to be showing a bigger appetite for beans, as well as corn.
"People have higher income so they want more meat, so more corn and beans," he said. "That's good news for us."
Northey, who grows soybeans and corn in the
"Beans don't really like too wet weather, and our June wasn't the greatest for them," he said.
What happens in August, however, will go farther in determining the final numbers, Northey said.
"There' s nothing magical about it," he said. "As it's filling those beans, weather during that time and having enough moisture during that time is critical. It's important to have a good-sized crops. You can have big beans in August, but with the wrong weather, you can have half a crop."
So far, so good, he said.
"We're in good shape going in; we're going to need some moisture in some areas that missed moisture," Northey said. "Our beans are clean. We're not fighting a lot of weeds."
Growers likely will be staring at a lower market this year than last, Northey said.
Prices have been in the
Corn farmers have it worse, however, Northey said, noting that the corn market had been less than
"We're probably not at our low if a big crop comes," Northey said. "If there's some kind of weather problem, it could stabilize and tighten up."
The export market could determine where the market ultimately goes, particularly where the Chinese market is concerned, Northey said.
"They've been cutting back on corn imports but, generally, they've been increasing bean imports pretty much every year," he said. "For the most part, they've been decreasing bean acres as they increase corn, wheat and rice, so they have continued to buy more, and that has really helped the price for soybeans."
"If they were to reduce their needs in the future, that would have a big impact on soybean acreage," he said. "But historically, they have increased soybean demand."
"It was kind of one of those perfect-storm kind of things," Sage said. "A lot of people had planted corn over recent years, so it was kind of shift to back to what we'd normally see.
Sage noted that the markets have been "hammered" but hesitated to make any predictions.
"I think there's room to come back, but how much I don't know," he said.
Any outlook, so far as it goes, would be "highly variable," Sage said.
"I've got beans that are 5 inches tall and 4 inches tall and they're all blooming," he said. "We went from wet, to dry to wet and now we're back to wet an the beans need a drink, bad."
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