Acres Switch to Soybeans as Market Begs for More
Up to 1 million acres could move from corn into soybeans
With soybean futures higher than $10, some farmers might be reconsidering their decision to plant corn. This spring, soybean futures have increased by more than $1 due to weather worries in South America and stronger than expected demand from China.
“This is huge—that’s a lot of bullishness in soybeans,” says Chris Hurt, professor of agricultural economics at Purdue University, concerning the current rally in soybeans. “Before this runup, we were looking at about $30 per acre more profit on soybeans than corn on average land.” To read more click here.