Acreage Battle Setting Up for 2021

Overseas demand and adverse crop weather conditions in key growing regions around the world stoked major demand for U.S. corn and soybeans in the last couple of months. Combined with relatively tight carryover stocks for both crops heading into the new year, it could lead to a lot of tough planting decisions, especially for those who will be planting within the first two months of 2021. At this point, farmers are likely to plant 89 million acres of soybeans and 90 million acres of corn, the former a seven-percent increase and the latter a one-percent drop from plantings this year, according to USDA. Some market-watchers and economists see soybean acres surpassing corn in 2021, but the battle for acres will likely hinge on futures prices as farmers look to lock in new-crop profits. See more on the 2021 acreage fight between corn and soybeans.