Soybeans Finally Crowned King

By: American Farm Bureau Federation

On June 29, USDA released its annual June Acreage Report. This report updates planted acreage estimates from the March planting intentions report and is among the most anticipated of the year. This is one of several key reports that have historically resulted in substantial price swings in Chicago-traded futures. This release indicates that U.S. growers planted 322 million acres of principal crops, the highest level since 2014 and up nearly 3 percent from 2017. One key takeaway is that producers will plant about 1 percent fewer corn and soybean acres in 2018, and will instead diversify into other crops such as spring wheat, hay, cotton, sorghum and rice.

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