Ag in the AM: Record Crop Projections
DES MOINES, Iowa – Commodity prices will be under pressure later this morning after the Agriculture Department issues its crop projections for the year.
The Iowa Farm Bureau is among the farm groups anticipating a big corn and soybean crop this year, perhaps the biggest since World War II. The Farm Bureau says the mild weather has allowed farmers a chance to prepare for the planting season ahead of time.
Commodity markets are expecting modest price increases for corn and soybeans but those levels could move higher if the projections fall short.
Food prices are expected to stay about the same.
Nationally, U.S. farmers are expected to plant just under three million more acres of corn in the coming year and roughly a half million more acres of soybeans.
In Iowa, the Farm Bureau says it predicts 1.5% more corn totalling more than 14-million acres and almost 9.5 million acres of soybeans.