U.S. soybean acres don’t surpass corn, yet
A grain market analyst expects soybean acres to surpass corn in the U.S. sooner than later.
Elaine Kub says global demand for the oilseed continues to change the playing field, as evidenced by the latest USDA Acreage and Stocks numbers.
“There were some folks expecting to see soybeans have more total acres than corn in 2017, and that didn’t happen this year. But I suspect that it will happen sometime in the near future. That’s the world that we’re (in), with Asia demanding more of that soybean protein.”
Kub tells Brownfield while corn and soybeans battle for acres again next year, the drought-induced rally in spring wheat could add complexity to 2018 planting decisions.
“If (wheat) can remain near that $8 dollar level or get even higher, and that price opportunity presents itself for farmers to plant spring wheat in 2018, then absolutely that will motivate some more acres.”
The USDA says producers planted nearly 91 million corn acres and 89.5 million soybean acres this year.
Wheat acreage was down nine percent and is the lowest since at least 1919.
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