The government on Friday forecast U.S. farmers will plant a record number of acres to soybeans this spring, helping to send the commodity to five-month lows.
Corn prices, meanwhile, climbed as the rise in soybean plantings means that there will be less acres available for corn, while wheat prices rose on the back of expectations for record-low plantings.
Soybean planted area for 2017 is estimated at a record high of 89.5 million acres. If realized, that would be an increase of 7% from last year’s record 83.4 million acres, according to the USDA’s Prospective Plantings report.
Corn is still king, but just barely. Farmers intend to plant 90 million acres in 2017, USDA said, down 4% from last year. Farmers intend to plant 46.1 million acres to wheat in 2017, down 8% from the realized total in 2016. Of that, 32.7 million acres are expected to be planted to winter wheat, down 3% from 2016. Click here to read more.