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Price still a factor in acreage decisions

A senior research economist at MU’s Food and Ag Policy Research Institute says there could be even fewer acres of U.S. soybeans planted this spring if prices remain volatile.

Bob Maltsbarger says November soybean prices dropped and recently bounced back some this month as trade challenges continue with a top market for U.S. soybeans.

“What that means is we were up above $10 for soybeans and now, we’re below $10.”

These price changes come at a pivotal point in spring planting.

“That might mean a few more farmers think about raising more corn or a different crop like sorghum or spring wheat. That profitability is more of a squeeze even just a week ago for soybeans.”

USDA has forecast U.S. corn planting area at 95.3 million acres, an increase of 5 percent from last year and U.S. soybean planted area at 83.5 million acres, a decline of 4 percent from last year.

Maltsbarger says international trade and U.S. weather will play a factor in what happens next.