Unexpectedly low planting estimates could drive ongoing high prices for corn and soybeans

U.S. producers could face another year of high corn and soybean prices after initial planting estimates from the U.S. Department of Agriculture (USDA) came in lower than expected.

Farmers plan to plant 91.1 million acres of corn this spring, an increase of less than 1%, according to USDA, and 87.6 million acres of soybeans. This could mark the third largest soybean crop in U.S. history, but falls far short of the 90 million acres industry traders anticipated could go into the ground this spring in the wake of the waning season’s high prices, said Jim Mintert, director of the Center for Commercial Agriculture at Purdue University.