COLLEGE STATION — High prices and wet weather have caused many producers to turn to soybeans as a substitute crop this year.
According to U.S. Department of Agriculture Chief Economist Keith Collins, the shift in acreage is partly due to the increasingly strong soybean prices in the late spring.
“Those soybean prices attracted a little more acreage to soybeans and away from corn,” Collins said.
Collins said that 71 million acres were planted with soybeans this year, a 10 percent increase from last year. This is the third highest soybean acreage recorded.
In Texas, the number of acres planted with soybeans has almost doubled from last year, said Dr. Mark Waller, grain marketing economist with the Texas Agricultural Extension Service. The 44 percent gain came from corn, cotton and rice crops, Waller said.
Weather also played a part in promoting soybeans as an alternative crop in Texas.
“The wet weather had an impact because you can plant soybeans a little bit later than some other crops,” Waller said.
Waller said soybean acreage would vary each year.
“Producers are going to have to think more about what they want to plant from year to year. They’re going to have to adjust to whatever market factors, like prices and weather, exist at the time,” Waller said.
Demand is expected to continue growing, partly because soybeans are used to produce protein meals.
“About 40 to 45 percent of the protein meals in the world are produced with soybean,” Waller said.
Soybeans are used for a number of other products. Besides being used for meals, Waller points out that soybeans can be used to make oil, from which diesel fuel can be made.
Currently, a Michigan company plans to market soybean-based crayons this summer at stores like Kmart and Wal-Mart. Soybean paste will replace the use of paraffin wax in the crayon.
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