• Projections for 2016 Planted Acreage

    March 29, 2016 3:32 PM
    The USDA Agricultural Outlook Forum recently released their projections for 2016 planted acreage, and soybeans accounted for 82.5 million of the approximately 235 million acres to be planted to row crops in the U.S. this spring. The quantities are within close range of what was planted in 2015, and 1.2 million acres under the record acreage planted in 2014. Driven by extremely strong soybean meal demand, especially in the developing world, U.S. soybean acreage exploded in 2014. Interestingly, soybean oil stocks have not become burdensome as a result of the larger crops and the larger domestic soybean crush. Nevertheless, the heavy current soybean supplies, coupled with projected large supplies well through next year, have kept pressure on soybean and soybean oil prices. Add the strong U.S. dollar and overall global commodity price weakness, and the prognosis for soybean oil prices seems very soft through 2017 — barring some growing weather anomaly in the U.S. or in South America.
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Richard GallowayAbout the Expert

Richard Galloway is president of Galloway and Associates, LLC, a business consulting firm serving domestic and foreign agricultural processing, vegetable oil refining, biodiesel and grain handling industries. Galloway is a consultant to the QUALISOY Board, a collaborative effort among the soybean industry to help market the development and availability of trait-enhanced soybean oils, including high oleic soybean oil. Read More...