In a survey by Farm Futures magazine, farmers say they will abandon corn and wheat in favor of planting the largest area ever to soybeans, the crop most likely to turn a profit this year. “If achieved, soybeans would attract more acres than corn for the first time since the PIK year of 1983, when growers idled ground in a government program,” says Farm Futures.
“Soybeans appear to be gaining favor in part because they made a small profit for the average grower in 2016 … November soybean futures are beginning to approach profitable levels for growers willing to hedge production nine months before harvest,” said the magazine.
The survey of 1,060 growers in 40 states indicated 90.52 million acres of soybeans and 90.49 million acres of corn this year, a dramatic change from 94 million acres of corn and the record 83.4 million acres of soybeans last year. Wheat plantings of 45.7 million acres would be 4 percent smaller than in 2016. Farm Futures released its figures at a farm conference in Iowa.
Based on November conditions, the USDA has projected plantings of 90 million acres of corn, 84.6 million acres of soybeans and 48.5 million acres of wheat this spring. Corn, soybeans and wheat are the three most widely planted crops in the nation, accounting for 227 million acres in 2016.