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Farmers might be reconsider decision to plant corn with higher beans

[/title][fusion_text]Wednesday, April 27th 2016

With soybean futures higher than $10, some farmers might be reconsidering their decision to plant corn. This spring, soybean futures have increased by more than $1 due to weather worries in South America and stronger than expected demand from China. With today’s prices, the premium has jumped to $80 per acre for soybeans over corn. Bullish soybeans could mean fewer acres of corn than originally anticipated. Right now, 30% of corn acres and 3% of soybean acres are planted across the country. Corn planted acres are 15% higher than this time last year. USDA expects to see 93 million acres of corn in 2016 based on recent surveys. Switching even 2.5 million corn acres to soybeans likely won’t have a notable affect on corn prices thanks to surplus.

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