COMMODITY PRICE SLUMP IS ENDING, USDA SAYS

When U.S. farmers bring their crops to market this year, they will see "the beginning of gradual price increases that are expected to continue through the decade," ending the slump that began in 2013, said USDA projections. Prices for most crops will remain below their 10-year average, however, and to maximize returns, farmers will plant more soybeans, making it the No 1 crop, while planting less corn and wheat. "These projections are the first in history where soybean acreage is expected to eclipse corn acreage," said USDA in its 10-year projections of U.S. and world agriculture. USDA released a slimmed-down version of the "baseline" last November, which also projected soybeans to consistently out-run corn as the most widely planted U.S. crop through 2027. The projections were based on weather and market conditions last fall and will be updated at USDA's Ag Outlook Forum next Thursday and Friday. In 2018, farmers are expected to plant equal amonts of corn and soybeans this year, 91 million acres each, USDA says. The end of "king corn" would profoundly change the traditional line-up of the four major U.S. field crops - corn, soybeans, wheat and cotton, which covered 239 million acres last year, an area more than twice as big as California...more