U.S. Farmers to Plant Fewer Corn, Soy Acres Than Expected: USDA
The U.S. Department of Agriculture’s forecasts for corn and soybean plantings on Wednesday fell below analyst expectations, sending futures prices for both commodities up by their daily limits.
Smaller-than-expected plantings of the two main cash crops in the United States would heighten concerns about global food and animal feed supplies after importers and domestic processors loaded up on grain and oilseeds earlier this year. The United States is the world’s biggest corn exporter and the No. 2 soybean supplier.
With soybean prices hovering around a 6-1/2 year high and corn prices the highest in some 7-1/2 years, analysts had expected record combined acreage of both crops.
Farmers plan to sow 91.144 million acres (36.885 million hectares) with corn this year, the most since 2016, and 87.600 million acres with soybeans, the most since 2018, USDA said in its first official, survey-based look at 2021 U.S. crop area.
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Smaller-than-expected plantings of the two main cash crops in the United States would heighten concerns about global food and animal feed supplies after importers and domestic processors loaded up on grain and oilseeds earlier this year. The United States is the world’s biggest corn exporter and the No. 2 soybean supplier.
With soybean prices hovering around a 6-1/2 year high and corn prices the highest in some 7-1/2 years, analysts had expected record combined acreage of both crops.
Farmers plan to sow 91.144 million acres (36.885 million hectares) with corn this year, the most since 2016, and 87.600 million acres with soybeans, the most since 2018, USDA said in its first official, survey-based look at 2021 U.S. crop area.
Click Here to read more.