US Farmers Expand Soybean Planting Acreage

Deep News02-20

US growers are set to increase soybean planting this spring while reducing the area dedicated to corn, the most widely cultivated crop in the country.

In its first outlook report of the year released on Thursday, the US Department of Agriculture projected that farmers will plant 85 million acres of soybeans this year, up from 81.2 million acres last year.

The anticipated expansion in soybean acreage reflects "stronger profitability relative to other commodities, as well as anticipated rotation patterns in the Corn Belt and Delta regions," the department stated.

Meanwhile, corn planting area is expected to decline to 94 million acres, down from 98.8 million acres last year. Wheat acreage is also forecast to dip slightly, from 45.3 million acres to 45 million acres. Overall, planting area for the three major crops is projected to decrease by 1%, though prices received by farmers are "expected to see modest increases across the board."

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