Farmers across Indiana are planting crops amid a surge in soybean and corn prices.
The USDA Prospective Plantings Report estimates farmers in the Hoosier state will plant 5.8 million acres of soybeans, up from 5.7 million acres last year; 5.2 million acres of corn, down from 5.4 million acres in 2020; and about 400,000 acres of wheat, up from 300,000 acres the previous year.
The report projects farmers across the country will plant 87.6 million acres of soybeans, which is up 4.5 million acres as compared to last year and the largest amount since 2018. They re also expected to play 91.1 million acres of corn, the most since 2016.
Futures prices are expected to increase 25 cents per bushel for corn and 70 cents per bushel for soybeans. The United Soybean Board projects that a jump in crop futures prices will incentivize more planting, and to expect prolonged supply tightness throughout the year.