US farmers intend to expand the area planted to soyabeans for harvest 2017 by some 2.4Mha (7%) compared to 2016’s record area. At 36.2Mha, the results of this year’s USDA Prospective Plantings report came in above all trade estimates in a pre-report poll carried out by Reuters.
The increase is expected to come largely at the expense of maize. US farmers intend to plant 36.4Mha of maize for harvest 2017, 1.6Mha (4%) less than for harvest 2016. This equalled the lowest trade estimate in Reuters’ pre-report poll.
The relationship between Chicago maize and soyabean futures influences the areas planted to these crops in the US each spring. Since last autumn, the relationships in both nearby and new crop futures has favoured soyabeans over maize.