(Resource News International) — Talk of increased U.S. soybean plantings this spring, due to excessively wet Midwestern conditions that will likely temper corn acres, has not yet translated into any adjustments one way or the other in expected Manitoba soybean area, according to a local processor who said pricing was still the determining factor in the province.
Mark Jorgensen of Delmar Commodities at Winkler, Man. said it was still too early for the weather to have a large effect on seeding decisions in Manitoba, but added “it will certainly have an impact on decisions when we get into spring.”
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In the meantime, “it has more to do with price than anything else.”
Jorgensen said new-crop bids could currently be found around $8.30 per bushel, well below the prices seen at this time during the past few years.
There was not a lot of new-crop business going on at current values, he said, adding that “$9 would probably buy some new-crop soybeans.”
While growers may be reluctant to do much forward pricing at current values, Jorgensen said acres were still looking to be fairly similar to the previous year, judging by the comments he heard from the seed business.
Manitoba farmers planted 415,000 acres of soybeans in 2009-10, growing a 321,100-tonne crop, according to Statistics Canada data.
Jorgensen said most producers did fairly well with soybeans last year, especially given the adverse growing season, making the crop relatively attractive once again.
