Farmers Ramp Up Corn, Soybean Acres
Despite historically low prices, producers expected to boost acreage significantly
New-crop corn and soybean futures on the Chicago Board of Trade have reached the lowest March levels in more than a decade with just a few weeks until the kickoff of the US planting season, reports Reuters.
But despite the low prices, U.S. farmers are expected to boost acreage significantly over last year’s levels, which were dampened by historic rains and waterlogged soils.
Not only are corn acres set to rise on the year, but many recent industry estimates peg US corn plantings at a four-year and potentially a seven-year high.
Soybean acres should make a substantial recovery from 2019 but remain well off the highs from the previous two years.