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US soybean acreage seen higher in 2021-22: USDA Chief Economist

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US soybean acreage seen higher in 2021-22: USDA Chief Economist

New Delhi — Soybean acreage in the US is expected to rise in the 2021-22 marketing year (September-August) on the back of high prices, Chief Economist with the US Department of Agriculture, Seth Meyer said Feb. 18.

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US soybean acreage in the 2021-22 is expected to be at 90 million acres, up 8.5% year on year, Meyer said while addressing the USDA's outlook forum through webinar.

S&P Global Platts Analytics has also estimated acreage under US soybean at 90 million acres in the 2021-22, while the average analysts' estimates were at 89.4 million acres.

RELATED: US 2021-22 corn acreage seen rising 1.2 million acres on year: USDA chief economist

According to Meyer, US soybean average price in 2021-22 is likely at $11.25/bu, up 10 cents year on year.

As a result, the soybean farmers are expected to increase their planted area, at the expense of other crops, such as cotton, analysts said.

Weather is going to be an important element for US soybeans production in 2021-22, Meyer said.

There are some concerns among the US soybean farmers, who fear an extended La Nina could lead to drought during the planting season in April, particularly in the western Corn Belt, analysts said.

If La Nina does persist till late spring, US soybean crop acreage forecast could be revised downward.

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