CoBank foresees more soybeans, less corn and wheat

 

CoBank is predicting farmers will plant more land to soybeans and less to corn, wheat grain sorghum, cotton and rice this year.

It said the shift is prompted by low prices and high costs.

 Tanner Ehmke, lead grains and oilseeds economist with CoBank, said soybeans offer better profit potential than the other crops.

He figures U.S. soybean acreage will increase by 5.9 per cent over last year to reach 86 million acres.

Corn acreage will decline by 4.8 per cent and the combination of all wheats by one per cent.