Is Anyone Planting Corn, Soybeans This Year?

March 29, 2018 12:22 PM
 
 

The USDA’s Prospective Plantings report came as much of a shock to agriculture. The USDA dropped its original estimate of 90 million acres each on corn and soybeans to 88 million acres of corn an 89 million acres of soybeans.

Initially after the report, corn, soybeans, wheat and cotton saw green on the board. Jim McCormick of Allendale, Inc. says corn acres fell into the range of what was expected, but soybeans was a surprise.

McCormick believes the 1 million acre decrease came from spring wheat stealing acres away from soybeans.

“Doing the math really quick, farmers in the northern part of the country said, ‘We’re going to plant that spring wheat—it’s a better deal than beans,’ and it came at the expense of beans. It shocked the market,” he said during a Facebook Live with U.S. Farm Report host Tyne Morgan.

Spring wheat isn’t the only crop seeing more acres. Cotton acres planted in 2018 is expected to be 7 percent higher than 2017, seeing 13.5 million acres.

Hear why McCormick doesn’t think the soybean rally is sustainable on U.S. Farm Report above.

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Comments

 
Spell Check

Adam Skinner
Dodge City, KS
3/30/2018 09:36 PM
 

  USDA didn't do this , the farmers did. FARMERS do the math . The more you set aside the more the price goes up. Less planted acres = higher prices. Less work = more money. We need to get corn down to 80mill and beans down to 80 mill acres and you will have more money than you can spend. Over production = low prices. Demand = high prices. www. afairmarketprice.com

 
 
John
Southern, IL
3/29/2018 05:53 PM
 

  What, no one has anything to cry about today?

 
 
Keith
Augusta, ME
3/30/2018 07:51 AM
 

  Well if nothing else, the report sure did get Tyne all excited. :-)

 
 

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