The U.S. Department of Agriculture (USDA) is predicting that U.S. farmers will plant a record 79.5 million acres of soybeans in 2014 – up 3 million acres from 2013, and will plant 92 million acres of corn – down 3.4 million acres from last year, but remaining close to historically high planted acreage. If weather conditions remain normal through the growing season, the country could see a record crop for soybeans and possibly for corn as well, putting downward pressure on prices and causing the USDA to predict under those conditions, prices could fall to their lowest point since 2009/10. Net income for 2014 is expected to fall 22% from last year to $101.9 billion on a projected $18 billion decline in soybean and corn receipts and the elimination of approximately $5 billion in direct payments to farmers in the latest farm bill.
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