Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

U.S. Farmers Seen Boosting Soy Acres to Produce Record Crop

Feb. 21 (Bloomberg) -- U.S. farmers will plant 77.5 million acres with soybeans this year, up 0.4 percent from 2012, as growers seek to take advantage of prices driven higher by drought, according to Joe Glauber, the U.S. Department of Agriculture’s chief economist.

The average estimate of 18 analysts in a Bloomberg News survey was for 78.111 million acres.

The plantings may produce a record crop of 3.405 billion bushels, up 13 percent from 2012, Glauber said today at the USDA’s annual outlook forum in Arlington, Virginia. The bigger crop will drive prices down 27 percent from 2012, with a bushel averaging $10.50 for the year, according to the USDA.

Futures reached a record $17.89 a bushel on the Chicago Board of Trade in September. The May contract fell 0.4 percent to $14.625 at 8:53 a.m. in Chicago.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.