Industry analysts are expecting U.S. farmers to plant more soybeans next year, up from this year’s record acreage of 88.7 million acres. Experts say farmers could plant anywhere from 86 to 90.5 million acres of soybeans in 2018, according to Farm Journal’s AgWeb.
However, University of Illinois ag economist Todd Hubbs is warning against planting more soybeans next year. He says soybean acreage may need to decline in 2018 to generate a 2018-19 marketing year average farm price in the mid-$9.00 range to cover the cost of production. He recommends that farmers monitor soybean exports and demand before making 2018 planting decisions.
Specifically, he says farmers should study the Department of Agriculture’s release of the Winter Wheat Seedings report for the first indication of farmer acreage decisions in early January.