Record Corn and Soybean Crops Possible as Farmers Chase High Prices
Plantings of Corn and Soybeans Would Be 5% Larger than Last Year, Corn Up by 1.2 Million Acres, and Soybeans Up by 6.9 Million Acres
By Chuck Abbott, Successful Farming
Agriculture.com - 2/19/2021
Responding to strong exports and expectations of a U.S. economic recovery, farmers will plant 92 million acres of corn and 90 million acres of soybeans this spring, pointing to a record soybean crop and possibly the largest corn harvest ever, said the USDA on Thursday. Chief economist Seth Meyer also said farm exports would be a record $157 billion this year, including the largest-ever exports to China of $31.5 billion.
“More than any year in recent memory, this year’s forecast is subject to the uncertainty of how events may unfold over the coming year,” said Meyer in opening the USDA’s two-day Agricultural Outlook Forum, held online this year. U.S. economic growth is contingent on recovery from the pandemic, and months will pass before crop production, commodity prices, and export volumes are determined. Still, said Meyer, “the long-term global demand outlook for U.S. agricultural commodities remains favorable.”
... Cattle, hog, broiler, and dairy production will expand modestly this year, said Meyer, with higher market prices expected for cattle, pigs and broiler chickens...