With the Exception of the Northern Plains, CoBank Forecasts More Soybean Acres

According to a new report from CoBank, U.S. soybean acreage is expected to increase nearly six percent this year. Soybean acreage is forecast to reach 86 million. The Northern Plains is the one outlier where the soybean basis has been weak. CoBank’s analysis projects corn acreage at 94 million, down nearly five percent from last year. Spring wheat acreage is expected to decline by one percent. However, CoBank said acreage plans could change if wheat rallies. After last year’s jump in durum production, acres are forecast to decline three percent with durum losing acres to pulse crops and spring wheat.