Trend: U.S. farmers will plant more soybean and wheat this year and less corn and cotton.
Bloomberg.com describes why farmers are shifting the acreage planted in corn, cotton, wheat, and soybeans, based on a USDA survey. Excerpts below.
Link: Bloomberg.com: Worldwide.
A government survey showed growers will seed 74.793 million acres with soybeans, up 18 percent from last year, the USDA said today in a report. Spring-wheat planting will jump 7.8 percent, as corn acreage drops 8.1 percent, the USDA said. The forecasts sent corn futures to a record high on the Chicago Board of Trade, while soybean and wheat prices plunged.
Increased soybean and wheat planting may help refill dwindling inventories, while declining corn output may squeeze supplies available for ethanol makers, including Archer Daniels Midland Co. Prices for most farm commodities reached records this year on booming demand for food, fuel and animal feed.