April 1, 2004

USDA Forecasts Record Soybean Planting On 75.4 Million Acres In 2004

U.S farmers, spurred on by strong prices, are expected to plant a record-breaking 75.4 million acres of soybeans this year, up from 73.4 million acres in 2003, according to the U.S. Department of Agriculture.
 
The USDA, in its annual prospective plantings report released Wednesday, said: "If realized, this will be the largest planted area on record and a rebound from the three-year decline in acreage. Growers in all states, except South Dakota and Wisconsin, intend to plant more than or at least as many acres of soybeans as last year."
 
The USDA said strong prices are the main motivators behind its expectations for increased planting. The largest acreage increases, the USDA said in the report, will be in North Dakota, Louisiana, Mississippi and Minnesota.
 
"Current high prices are encouraging producers in most states to plant more soybeans," the USDA said. "However, despite the current high soybean prices, many South Dakota producers intend to plant more wheat than last year and fewer soybeans, mostly due to the combinations of the high wheat and low soybean yields in 2003."
 
An example of one of the states forecast to substantially increase soybean planting, North Dakota is predicted to plant 3.7 million acres with soybeans with year, up from 3.15 million acres in 2003.

Source: USDA