Significant increasing of soybean prices in the USA is likely to encourage farmers to enlarge the oilseed planted areas in the country in the new season. So, in March 2016 the USDA analysts estimated that farmers will plant 82.236 mln acres of soybeans, but since release of the forecast the soybean prices have surged by 17.9%, making the oilseed even more attractive for crop producers.
So, it is expected that in the new season soybeans will compete with corn for available planted areas, as the grain prices are also developing in the bullish trend.
As a reminder, the USDA experts forecasted the corn planted areas in the current year at the level of 93.601 mln acres. But due to higher price attractiveness of soybeans, some share of con areas can be designated for the reporting oilseed.
You can receive more detailed information about the US soybean and corn market sectors by visiting the IInd American-Ukrainian Agrarian Congress, to be held on June 20-21, in Washington, D.C. (USA).