Economy

Minnesota Farmers Plan to Plant More Soybeans Than Corn

Minnesota Farmers Plan to Plant More Soybeans Than Corn”

USA farmers are expected to plant more soybean acres than corn but overall intentions are down slightly from the record year in 2017, according to the Prospective Plantings report released today by the USDA's National Agricultural Statistics Service (NASS). "When they're feeling a little pinched they do tend to look to control their cost side and that's where beans have an advantage over corn".

For the week ending March 22, corn and wheat totals were mainly in line with trade expectations, but soybean totals slumped once more - a disappointing trend so far in 2018.

Hart estimates at prices prior to the report Iowa farmers could turn a profit of between $8 and $15 an acre for both crops which explains why the acreage intentions between the two are very close.

That would be Minnesota's lowest corn acreage since 2006, and a 7 percent decrease from previous year. The largest state acreage estimates came from Texas (7.3 million acres) and Georgia (1.45 million acres). American Pima/ELS cotton area is estimated to grow by 4% to 262,000 acres.

"The combined six-crop total is 246.4 million acres, down 600,000 or minus 2 tenths of one percent, Welch says".

Iowa is the top corn producing state, followed by Illinois, Nebraska and Minnesota. Top soybean states are Illinois, Iowa, Minnesota and North Dakota.



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