U.S. farmers are poised to plant more soybeans than corn for just the third time ever as the highest fertilizer prices on record prompt growers to turn away from the cost-intensive grain. Corn and spring wheat futures rose.
Corn seedings are estimated at 89.5 million acres, according to the U.S. Department of Agriculture’s closely watched prospective plantings report. That’s down from 93.4 million last season and far lower than the 92 million anticipated by a Bloomberg survey. Soybean sowings are seen rising to a record 91 million acres, compared to an estimate of 88.9 million. Wheat acres are expected to rise only 1%.