Managing for Profit

Survey indicates fewer soybean acres in 2018

 

The survey, by the publication Farm Futures Magazine, is headlined “Soybeans Lose Their Luster.”

“Somewhat surprisingly, we think, farmers said that wanted to plant fewer soybeans, about four percent less,” said Bryce Knorr, a grains analyst for the publication, “maybe all the way down to 86 million (acres).”

Prospects of a shorter 2017 corn crop created hedging opportunities that Knorr says buoyed feelings about planting more corn acres at the cost of soybean acreage.

“If you dangle the carrot of a potential profit with corn in front of a farmer, he’s going to plant corn,” said Knorr, “By and large, most growers like to plant corn.”

Knorr says markets have changed since the survey was taken a month ago.  That, he says, may shift attitudes more favorably back to soybeans.

The survey pegged 2018 corn acres at 92.8 million acres, 2.1 percent more than the August USDA estimate.  Soybeans are at 86.1 million acres, 3.9 percent fewer than the USDA.  Wheat acreage is at 48.1 million acres, according to the survey, an increase of 5.4 percent from the USDA estimate.

AUDIO: Bryce Knorr (3 min. MP3)

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