US soybean planting area in 2018 expected record high corn acreage also increase

The U.S. Department of Agriculture (USDA) said on Tuesday that U.S. farmers' planting area of soybean in 2018/19 is likely to reach a record high and will increase the acreage of most other major crops.

If these expectations are fulfilled, another year of abundant supplies will prolong the global glut and the price of soybeans and maize has been weak for many years.

USDA's Office of the Chief Economist predicts that farmers will sow 91 million acres of soya in spring, up from a record 90.2 million acres in 2017.