ARKANSAS, USA — There has been growing optimism through the late spring and early summer that several row crops, including soybeans and corn, might add acres in 2021. The expectations are becoming a reality after the release of the U.S. Department of Agriculture’s annual Prospective Plantings Report.
The report, conducted by the USDA’s National Agricultural Statistics Service, reflects producers’ intended acreage for crops across the country based on a survey of about 78,900 farm operations.
Soybean prices were up 70 cents a bushel, and corn up 25 cents — the respective market limits for daily price increases on those commodities, following the release of the report. Cotton prices increased by more than a dollar per hundredweight, closing at $80.10 per cwt. As of the last week in April, soybean prices were trading well above $13 per bushel, a six-year high according to Food Business News.
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