Spencer, IA: Dec. 26, 2014: The head of DuPont’s agricultural seed division says U.S. farmers may plant more soybeans next year after a record 2013 corn harvest sent prices plunging.
Paul Schickler says the glut of U.S. corn, combined with big crops globally, pushed corn prices to the lowest level in three years. He says that has prompted some farmers to consider planting more soybeans in 2014. Schickler says, “The economics are leaning more towards soy than for corn.”
The record 14 billion bushels harvested this year was nearly a third more than in the drought-stricken 2012 harvest. That has corn prices down 38 percent in the past few months.
Ag research firm Informa Economics expects U.S. farmers to trim corn acreage by about 4 percent in 2014 and plant soybeans on 7 percent more acres. That would mean about 92 million acres of corn planted and about 82 million acres of soybeans.