US Spring Acreage - New Record

USDA, in its recently released Acreage Report, put US corn acres at 95.343 million and soybean acres at 85.365 million. While the trade was focussed on the switch from corn to acreage this year, the total acres for these crops quietly posted a new record.

Total land seeded with these two crops stood at 180.71 million acres, shattering the previous record created in 2017. In fact, if realised, this will be only the fourth instances, when the two crops topped 180 million mark in planted area. The acreage for corn and soybean has been steadily increasing since the lows in 1960's and given the higher adaptability of the two in biofuels, the acreage is likely to keep growing in teh near future.

Will that come at the cost of reducing wheat acres?