Planting Decision No Brainer as U.S. Farms Swap Corn for Soy
- Acreage used for soy may exceed corn for first time since 1983
- Soy price premium signals record crop for world’s top grower
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Planting decisions for U.S. corn and soybean farmers are a bit of a no-brainer this year. After confronting the prospects of losses on both crops in 2016, soybeans are now more profitable, which means the world’s largest grower may harvest a record crop for a second straight year.
While corn is still king -- it’s the largest U.S. crop by value and volume -- farmers from North Dakota to Texas are preparing to use more of their land on soybeans instead. That’s because cash prices have jumped 9.2 percent since the 2016 harvest, creating the widest premium over corn in 29 years, and the oilseed is cheaper to grow.