Grain market review: Oilseeds
The popularity of soybeans with US producers, as they plant for 2024-25, has put pressure on prices, particularly following an upward revision to the US Department of Agriculture’s (USDA) planted area forecast. Big Brazilian and Argentine production at the same time as softening Chinese demand also contributed to the forecast. In a paper, “Grains and Oilseeds Outlook for 2024,” published Feb. 15 at the Agricultural Outlook Forum 2024, the USDA said: “Soybean area is expected to increase as demand for…