U.S. soybean acreage is set to increase 6% over last year to reach an all-time high of 81.5 million acres this season according to the U.S. Department of Agriculture’s National Agricultural Statistics Service’s Prospective Planting Report. Corn planting is estimated to decrease by 4% to 91.7 million acres and if realized will be the lowest planted corn acreage since 2010. The report is one of intentions however. If the weather does not cooperate, it remains to be seen if farmers can plant their crops without seeing the same problems as were seen in 2013 in the Western Corn Belt. If the weather cooperates, 2014 could beat the current record for U.S. soybean production at 3.36 billion bushels.
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