U.S. farmers this year may not plant roughly eight million acres due to wet conditions. Industry analysts polled by Bloomberg News say farmers are expected to forgo planting on 2.2 million acres of soybeans, and 6.7 million acres of corn. The Midwest is facing another seven-day forecast of near-daily rain chances, continuing the wettest 12-month period on record.
For soybeans, the 2.2. million unplanted acres are just below a 2.23-million-acre record set in 2015. Last week, the Department of Agriculture cut its corn planting and production forecast, but made no changes to soybeans, making note that there are still some windows of opportunity to plant soybeans.
Monday, the USDA weekly Crop Progress report showed farmers had planted an estimated 83 percent of corn, and 60 percent of soybeans this spring. USDA reports 62 percent corn and 34 percent of soybeans have emerged. For this time of year, the five-year average shows corn plantings are usually finished with 93 percent of soybeans planted.