Grains Jump as U.S. Farmers Poised to Plant Less Soy, Corn
- USDA outlook for both crops trail lowest estimate in survey
- Soybean acres to top corn for first time in 35 years
Photographer: Daniel Acker/Bloomberg
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U.S. farmers put off by grain gluts that have dragged prices lower are planting less corn and soybeans this year, the nation’s two biggest crops.
Soybeans will cover 89 million acres in 2018, while corn may be planted on 88 million acres, the U.S. Department of Agriculture said Thursday in a report in Washington. The USDA forecasts for each came in below the lowest prediction in a Bloomberg survey of analysts. The Bloomberg Grains Subindex climbed as much as 3.1 percent, the most since July.