Farmers might get more money for the soybean crop they just harvested, which could influence how acreage is allocated this year.
However, USDA predicts prices will soften moving into the new growing season. Despite needing less fertilizer than corn, there are still several economic factors farmers need to consider.
“You go across the budget and you think about machinery and truck parts and labor and all those issues-- still going to affect the returns for soybeans,” USDA chief economist, Seth Meyer states.
He says that every major input for the upcoming crop will cost more than it did last year.
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