USDA reported this week that farmers throughout the Corn Belt are severely behind the five-year average when it comes to planting corn.
According to John Newton, chief economist for the Farm Bureau Federation, with only 23 percent of the country’s corn planted, farmers are likely to start taking a hard look at soybeans and their prevent-plant premiums.
Newton told Farm Journal’s AgPro that the challenge with planting soybeans is to find a market for them as trade tensions mount.
“We’ve still got old crop beans to sell,” he said. “If we plant additional soybean acres and the market demand for them is limited, we can be looking at soybean prices that are far below the prices that we have now in that $8.50 range.”
“It’s up to each farmer to evaluate that crop insurance coverage with respect to their opportunities,” he said. “I think back to 1993, that was the last time we had a really major flood across the Corn Belt, at that point in time the waters that we saw were really in that July month.” Source: USDA