Markets plead for soybeans; farmers have time to respond
"Many eastern Corn Belt farmers are nearly done with corn planting, but some might be able to shift small acreage," he said. "The greatest acreage-shifting opportunity lies in the western Corn Belt where corn planting isn't as far along. This is especially true in Wisconsin, Iowa and the Dakotas."
Farmers also have the opportunity to plant double-crop soybeans after they harvest winter wheat, especially since wheat harvest looks to be a couple of weeks ahead of normal.
In 2011, there were about 4.5 million acres of double-crop soybeans in the U.S. Hurt said that number this year could increase to 6 million to 6.5 million acres.
"In some form, the market would like to see 2-3 million acres shifted out of corn and spring wheat into soybeans," he said. "Knowing that farmers follow economic incentives and that the economic incentives for soybeans have sharply increased since the USDA last surveyed farmers, it is certainly possible to see that magnitude of acreage shifts when USDA releases their next acreage update on June 29."