Increasing bean supplies from South America have softened demand and left the market in a choppy to lower downward trend, according to The Hightower Report. The market expects a very large carryover in the upcoming report, which is further weakening demand and cutting into prices.
Estimates for 2019 bean acres are in the 84.6 million range, reports ADM Ag Market View. This will produce a crop of nearly 4.3 bln bushels vs. 4.544 bln bushels last year. U.S. demand for beans is expected to increase this year.