Many farmers are turning to soybean planting because of a better chance to make a profit this year. Heavy rainfall in many areas is closing the window of opportunity for corn planting.
Reuters says the É«¿Ø´«Ã½ forecast farmers to plant 86.5 million acres of soybeans in U.S. farm country. However, some industry experts predict soybean acres could increase by another one million acres or more thanks to wet weather and soils. Farmers are facing high production costs due to a jump in already-high interest rates, which will take a bite out of most or all of the potential returns on corn this year.
In an annual early season crop budget estimate, ag economists at the University of Illinois projected negative average farmer returns in the state for both corn and soybeans, though losses would likely be smaller for soybeans, which require less fertilizer and pesticides than corn.
