(Corrects company name in first paragraph.)
U.S. corn and soybean acreage will be lower than previously expected as farmers abandon more fields due to drought, according to Michael Cordonnier, the president of Soybean & Corn Advisor Inc.
The outlook for corn harvested acreage was cut by 200,000 acres to 88.3 million acres and the estimate for soybeans was lowered by 200,000 acres to 73.8 million acres, Cordonnier wrote in a report on the company’s website today.
“If this weather pattern doesn’t change soon, the corn harvested acreage will continue to decline,” Cordonnier wrote. “If the corn crop continues to suffer, more farmers may opt for insurance payments instead of the risk for very low yields.”
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