Beans may be nearly as profitable as corn in the Midwest this year
The U.S. is awash in soybeans, the result of the trade war with China and a string of bumper crops.
According to a report atSuccessful Farming, although farmers were expected to respond by planting more corn this year while cutting back sharply on soybeans, there is skepticism that a large rush to corn will actually occur.
Soybeans may be nearly as profitable as corn in the Midwest this year, said economist Gary Schnitkey of the University of Illinois after comparing likely expenses and revenue from the two crops.
Traders expect soybean plantings of 86.1 million acres this spring, down by 3.5% from 2018, according to surveys released by Reuters and Bloomberg on Wednesday.
Read the full report atSuccessful Farming.
US Corn Price Idx:ZCPAUS.CM
open: 7.2563
high: 7.2588
low: 7.1555
close: 7.1953
US Soybean Price Idx:ZSPAUS.CM
open: 16.5697
high: 16.6984
low: 16.4286
close: 16.4672
US Hard Red Winter Wheat Price Idx:KEPAUS.CM
open: 10.2268
high: 10.2859
low: 10.0542
close: 10.0755
US Soft Red Winter Wheat Price Idx:ZWPAUS.CM
open: 10.0954
high: 10.2546
low: 10.0279
close: 10.0854
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