Analysts anticipate USDA’s acreage report on June 30 to reflect a record number of soybean plantings. The estimation is based on a survey of around 70,000 growers.
With this spring’s wet and cold conditions, it is expected that some farmers turned to soybeans where they would usually plant corn. In an online poll conducted by DTN, fifteen percent of farmers responded they have switched to soybeans due to a planting delay for corn. While this varies regionally, it does correlate with the expected increase of soybeans overall. The number of plantings may also vary greatly from the actual harvest because of the difficult weather conditions, including recent torrential rains and flooding in parts of the Midwest.
An increased amount of soybeans would ease high prices and the tightest soybean supplies in years. According to economist Darrel Good of the University of Illinois, expectations are for a larger estimate than USDA’s last report in March. If higher soybean plantings were confirmed, a record high soybean crop would be within reach. The USDA Acreage Report will be released Monday, June 30.
