American Farmers Will Plant More Acres of Soybean Than Corn This Year

Date: Wednesday, April 4, 2018
Source: Bloomberg

Soybean acreage in the U.S. this year will exceed corn plantings for the first time in 35 years, according to a government survey, suggesting American farmers remain undeterred by possible Chinese trade sanctions.

Soybeans will cover 89 million acres in 2018, while corn may be planted on 88 million acres, the U.S. Department of Agriculture said Thursday in a report in Washington. Plantings for both will decline from a year ago, with USDA forecasts for each below the lowest prediction in a Bloomberg survey of analysts. The government's spring-wheat estimate topped all forecasts, with an expected 12.6 million acres, up 15 percent from last year.

The planting estimates are the USDA’s first forecast of the year based on farmer surveys. With seeding a few weeks away in most Midwestern states, price swings and weather can spur changes in the outlook. In February, the agency projected corn and soybeans would each cover 90 million acres.

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