U.S. growers will plant a record 88.5 million acres of soybeans in 2017, up nearly 6 percent from the mark set this year and pointing toward the second crop in a row to exceed 4 billion bushels in the estimation of Informa, a private consulting company, reports Reuters. The USDA forecasts a record soybean crop this year of 4.27 billion bushels, far exceeding demand and driving down prices for the coming year.
Trade sources said Informa forecast a 4-percent decline in U.S. corn plantings, to just below 91 million acres. As with soybeans, the plantings would result in the second-largest corn crop ever, and could pull down prices. Informa declined to comment on the trade reports.
Wheat growers would plant the smallest amount of wheat land, 48.8 million acres, since 1970, according to Informa. That would be a decrease of nearly 3 percent from this year. Wheat prices are under pressure from large crops worldwide.