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Recent rally could lead to additional soybean acres

Recent strength in the soybean market has some farmers reconsidering planting intentions.

 

Jeff Pagel of Eyota in southeast Minnesota raises dairy and beef cattle.

He says the majority of his crops are used for feed, but there are some acres set aside for cash crops.

“We were going to do a little extra cash corn this year, but I think with the recent spike in the bean market that kind of jostled us enough that we’re going to throw a few extra acres of soybeans in.”

Soybean prices have risen in recent weeks thanks to prolonged dryness in Argentina.

“It’ll be interesting to see how everything plays out.  But I think we’re set up to be pretty successful this year, I hope.”

Several private estimates are indicating the U.S. could see soybean acres surpass corn for the first time in 2018.

 

 

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