U.S. farmers are planting nearly 4.5 million more acres of soybeans in 2021 than a year ago and the trend follows in Iowa. USDA’s Prospective Plantings Report predicted Iowa growers will plant 9.8 million acres of soybeans, up 400,000 from last year. Iowa Soybean Association District 1 Director Chuck White says that isn’t surprising.
However, in reaction to the report the market is now bidding for more soybean acres with an increase in November new crop prices. White says Iowa farmers will soon be planting and while higher soybean prices could attract more acres, with cooperative weather the tendency is for farmers is to plant more corn.
White says the decision between corn and soybean acres is also a function of input costs like fertilizer, where prices have risen 25 to 30-percent since last fall.
At the USDA Ag Outlook Forum the agency forecast that 90 million acres of soybeans would need to be planted in 2021 for ending stocks to avoid falling to pipeline levels.
