Low crop prices and high production costs are weighing heavily on U.S. farmers as the spring planting season draws near and farmers make decisions about which crops offer the most favorable returns. A new report from CoBank said U.S. soybean acreage is projected to increase almost six percent this year, with soybeans pulling acres from multiple crops. The expansion of U.S. soy crush capacity and expectations of continued Chinese demand have lifted soybean prices to more attractive levels than competing crops. “Following recent price rallies, soybeans offer greater profit potential than corn, wheat, sorghum, cotton, and rice,” said Tanner Ehmke, lead grains and oilseeds economist with CoBank. The analysis showed soybean acreage will increase 5.9 percent over last year to reach 86 million acres. Total U.S. corn acreage is projected to be 94 million, down 4.8 percent from last year. Spring wheat acres are expected to drop by one percent to 9.89 million acres.
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