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USDA bets on soy, but farmers like corn
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Posted on
Apr 08 2008 5:09 AM
by
adeal
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A few days before the U.S. Department of Agriculture released its estimate of how much corn, soybeans and other crops farmers will plant this year, Larry Gleason was getting ready to do what the forecasters were betting he wouldn't. Plant more corn. The USDA said Monday that it expects American farmers to cut back on corn this year in favor of soybeans. But soybean prices dropped sharply in the days before the projection was released. Before the price drop, Gleason planned to do what the USDA said he would: Plant about half the 3,500 central Illinois acres he farms in corn and the other half in soybeans. Last year, Gleason, his brothers and father planted 70 percent corn.
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