USDA expects U.S. farmers to plant 85 million acres of soybeans this spring, down nearly five percent from last year. Corn acres are forecast to increase 3.3 percent to 92 million acres. At the USDA Agricultural Outlook Conference, Chief Economist Rob Johansson said the record-high stocks that came from the current trade situation will take several years to fix. Wheat acres are not projected to pick up as many soybean acres as had been expected. With good demand, USDA believes fed steer prices will increase slightly this year. Hog prices are forecast to drop to a five-year low and the milk check should see a modest recovery.
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