USDA SEES 88 MILLION U.S. SOY ACRES

THE ANNOUNCEMENT WAS MADE AT TODAY’S USDA AG OUTLOOK FORUM.

WASHINGTON -- U.S. farmers are projected to plant a record 88 million acres of soybeans this spring, spurred by futures prices that make the oilseed a more profitable choice than corn or wheat, said USDA Chief Economist Robert Johansson.

Opening USDA’s annual Outlook Forum Thursday, Johansson raised the projected soy plantings from last November’s projection of 85.5 million acres. Corn plantings are projected at 90 million acres, same as November, and wheat is projected at 46 acres, down by 2.5 million acres from November.

U.S. farm exports are forecast for $136 billion, up $2 billion from USDA’s previous estimate, said Johansson, led by demand by China.

Plantings of 88 million acres would likely result in the second crop in a row to exceed 4 billion bushels.