News
Outlook chairman ‘could argue both ways for soybean planted acreage’
USDA’s Outlook Board Chairman Seth Meyer says he could argue both ways whether
to have changed soybean planted acreage, but after analysis, ‘no-change’ carried
the day.
“You could say, ‘well, you’ve got 3 million less acres of corn, those become
beans,’ or are they prevent plant? And so which way does it work,” said Meyer,
in an interview provided by the USDA. “Is the spillover from corn into beans bigger
than the bean prevent-plant, or vice-versa?”
Meyer’s observation is that the places where soybean planting is the most
behind also have a June 20th date for the last day of crop
insurance.
“Ok, so there is still a period of time to continue to plant soybeans,” said
Meyer.
Soybean area and yield were kept the same because it’s still too early to forecast
yields, said Meyer.
Soybean acreage was kept at 84.6 million, a 4.6 million acre drop from last season,
and yield is down two bushels at 49.5 an acre. USDA added 15 cents to the
soybean price projection, but it’s still 25 cents less than last year.
