Farmers Projected to Plant Record Amount of Soybeans
In November, U.S. farmers were projected to plant 85.5 million acres of soybeans, 90 million acres of corn, and 48.5 million acres of wheat . However, it appears that these projections are changing.
At the USDA’s annual Outlook Forum this week, Robert Johansson, the USDA Chief Economist, announced that U.S. farmers are now projected to plant a record amount of acres of soybeans – 88 million to be exact. Corn planting projections stayed the same, while wheat planting was projected at 46 million acres instead of 48.5 million.
Due to a high demand from China, U.S. farm exports are expected to be $136 billion, which is $2 billion more than the previous estimate.