Soybean acres in Minnesota expected to increase two to three percent
The CEO of the Minnesota Soybean Growers Association expects a two to three percent increase in soybean acres statewide this year.
Tom Slunecka says a recent survey of 46 Minnesota counties coincides with national expectations of higher soybean plantings and less corn.
“There’s a lot of risk out there this year, and I think that’s going to drive most of these decisions. Corn being a more expensive crop to plant and harvest, when you think about the amount of trucking necessary it just plays into that risk. And we don’t know what’s going to happen with our interest (rates) and whatnot.”
He tells Brownfield the majority of acres will come from continuous corn as farmers return to a traditional rotation.
Slunecka anticipates a marginally profitable year for most producers.
“We’re seeing net returns on some of these farms as low as $26 dollars an acre. It makes it pretty hard to operate a farm at those levels. However, at least they are all in the black if they locked in on November futures.”
Slunecka says crop insurance adjustments have also improved the bottom line, as have lower input costs.
The USDA Prospective Plantings report will be released March 31st, with many analysts predicting additional soybean acres in the U.S. this year.
Your email address will not be published.
Subscribe for our newsletter today and receive relevant news straight to your inbox!