Home / Markets / Markets Analysis / Soybeans market / Soybeans slide despite bullish acreage outlook

Soybeans slide despite bullish acreage outlook

Jeff Caldwell 12/18/2013 @ 12:51pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

A trio of headlines in the grain marketplace emerged in morning trading, and though corn futures haven't budged much, soybeans and wheat have tumbled in morning trading.

At midday, the March corn futures contract was 1 1/2 cents lower at $4.25 1/4 per bushel, while January soybeans are 15 1/4 cents lower at $13.19 1/2, and March wheat is 4 lower at $6.15 3/4, according to Barchart.com.

A report that the world's wheat supply is rising in the face of falling demand is behind a lower wheat market. For soybeans, private analyst firm Informa Economics released an outlook Wednesday morning showing a likely decline in U.S. soybean acres in the coming year, with more corn acres expected. Though that's fundamentally bullish for soybeans, it wasn't enough by midday to stem the slide in soybeans brought on by continued anxiety about the potential for grain shipment cancellations by China.

In other news, a report released by Rabobank Wednesday morning showed the likelihood of reduced shipping costs for U.S. goods traversing the Panama Canal. A Rabobank vice president said a 12% decrease in the cost to ship U.S. goods could result in something that's "significant to U.S. competitiveness," according to a Dow Jones Newswires report.

CancelPost Comment
MORE FROM JEFF CALDWELL more +

Will You Plant Corn Late? Here Are 5 Tips to… By: 04/23/2014 @ 11:59am There's mounting evidence to support the idea that this spring might be a repeat of last…

Corn Planting Slumps Forward -- USDA By: 04/22/2014 @ 8:13am Corn planting remains behind the normal pace, though a weather window may be opening this week to…

Drought Cuts Southern California Water… By: 04/21/2014 @ 2:53pm The drought is bad in the nation's center. Crops are hurting, and there's a lot of…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Waiting For the Planting Window