USDA Predicts $9.60 Soybean Prices, Record-High Acres

February 23, 2017 12:51 PM
 
 

Soybean acres are predicted to increase 5.5% in 2017, according to the latest data from USDA. At the agency’s 93rd Agricultural Outlook Forum, which is taking place Feb. 23-24 in Washington DC, Robert Johansson, USDA Chief Economist, shared an outlook for prices, acres, farmer sentiment and more.

The good news? The outlook for prices is slightly higher. Here are USDA’s price expectations for the crop year ahead:

USDA's 2017 Crop Expectations

“Production has outpaced consumption for many grains and oilseeds over the last four years,” Johansson says. “Relatively high prices for much of the last decade have resulted in increased production both in the United States and around the world. We have had record or near record world crops for corn, soybeans and wheat over the last four years.”

As for acres, USDA expects soybeans and cotton to show increases, while all other major crops lose acres.

USDA's 2017 Cropland Expectations

Soybean acres are expected to rise by 4.6 million acres to 88.0 million, and cotton acres are projected to rise to 11.5 million acres. Corn area is expected to decline by 4 million acres to 90.0 million.

USDA predicts total planted acres to decrease this year.

“We expect 8-crop planted area to fall this year,” Johansson says. “Lower crop returns will push some area out of production while shifts in relative returns will reallocate planted area among crops. Based on current conditions we expect the 8-crop area to fall by almost 2% to 249.8 million acres, down 3.6 million acres from last year.”

See all of Johansson’s slides and read his full commentary

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Comments

 
Spell Check

dave
auburn, IN
2/28/2017 04:11 PM
 

  CNN fake news again!!!

 
 
C.K
bad axe, MI
2/23/2017 07:15 PM
 

  $9.60 soys minus the basis of $.80 to $.90 in our area is $8.75 cash off the combine can you grow them for that? There was $9.60 cash contracts in our area in December , did you do anything? Corn $3.50 minus the basis of $.60 for new crop, $2.90 corn sounds like fun,that just want's you to go out and buy super kool stuff from the NFMS .

 
 
Adam
Dallas, TX
2/23/2017 08:26 PM
 

  Is Sara new? She is hot! USDA falsify 's information to control the market.

 
 

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