U.S. farmers increase soybean planting

On February 19, the United States Department of Agriculture (USDA) stated in its first outlook report of the year that farmers will plant 85 million acres of soybeans this year, up from 81.2 million acres last year. The USDA noted that the expected increase in soybean acreage this spring reflects “stronger profitability compared to other crops, as well as anticipated crop rotation arrangements in the Corn Belt and Delta regions.” Meanwhile, corn acreage will decrease from last year’s 98.8 million acres to 94 million acres. Wheat acreage will slightly decrease from 45.3 million acres to 45 million acres. Overall, the total planted area for the three major crops will decrease by 1%, but the prices received by farmers are “expected to rise slightly.”