U.S. soybean farmers may have to make changes next year due to several factors
USDA is explaining its early projections for next year’s soybean crop.
Right now, they estimate soybeans will come in slightly under this year’s totals, around 87.5 million acres. Chief Economist Seth Meyer says it all comes down to Brazil’s soybean crop, which is estimated to be up 20 percent over last season. He says if their crop holds up, American farmers will have some decisions to make.
“I think we’ve seen prices at a global level for soybeans, moderate a little bit. As the South Americans put in a big crop, how that crop finishes this new year will be at least part of that story.”
Meyer reminds all growers that a lot can happen between now and Brazil’s harvest, which lines up with when U.S. growers begin their planting season.