U.S. Soybean Acreage to Exceed Corn Acreage for First Time
U.S. soybean acreage will exceed corn acreage for the first time, according to the U.S. Department of Agriculture (USDA).
Soy is on pace to be the most planted crop in the country with the USDA estimating acreage of 89.5 million acres. Todd Hubbs, assistant professor of agricultural commodity markets with the University of Illinois, predicts U.S. soy acreage will reach about 91.3 million acres, while the University of Missouri’s Food and Agricultural Policy Research Institute (FAPRI) forecasts U.S. soybean acreage of approximately 90 million acres.
Lower cost of production compared to corn, climbing prices due to adverse weather in Argentina, and high demand from overseas are driving the shift in planting.
As far as longer-term estimates, FAPRI believes that soybean acreage will fall once again, but still remain high at a minimum of 87 million acres over the next five years.