U.S. farmers are afraid of a rapidly spreading soybean disease and are anticipating lower prices, so they are planting fewer soybeans despite a drought that has wreaked havoc on crops in Brazil, the Americans’ biggest competitor.
U.S. farmers also will devote less acreage to wheat but slightly more to cotton and corn crops, the Department of Agriculture reported yesterday.
Growers intend to plant soybeans on 73.9 million acres, down 2 percent from last year’s record high, the department said.
Soybeans are vital to U.S. trade. At $8 billion to $9 billion a year, exports of soybeans are worth more than any other crop.
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