Exports, acreage and the farm income forecast dominated the opening session of USDA’s Ag Outlook Forum. USDA Chief Economist Seth Meyer anticipates China demand to remain strong in the next year. “Outstanding sales, what we have on the books for the U.S. sold to China right now that’s not yet shipped is 11.2 million metric tons. One of the views of the balance sheet is we expect continued demand from the country longer term.” When it comes to U.S. acreage, Meyer expects a record 182 million combined corn and soybean acres in 2021. “That’s 92 million acres of planted corn and 90 million acres of planted soybeans. If realized, this would be a record.” Meyer also surprised attendees by saying there will be a slight rise from last year’s 100-year low in wheat acres.
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