Soybeans predicted to out-plant corn in 2018
ADAMS COUNTY, IL —
The soybean market took a huge hit overnight Tuesday falling by nearly 50 cents.
Adams County Farmer Brent Claire says this is not a good sign for farmers but is anticipated due to the new tariffs.
A week ago, the United States Department of Agriculture released a report showing more soybeans were supposed to be planted this year rather than corn.
But the report wasn't as big as anticipated.
"There was a lot of promise that maybe this is the crop to go to. But it wasn’t necessarily as big as everyone expected. They were expecting almost a two-million acre jump and it was only about a million acre jump, which is significant when you think of the grand scheme of things,” said Claire.
Soybeans are used heavily for bio diesel, soybean oil, crayons, inks and many other items. As for what's next in our area - farmers aren't expecting to get into the fields for at least another week.