Those numbers would result in big ending stocks of soybeans, and Martinson said the market likely will need to pull at least a couple dollars out.
He and Rook explained that many of the acres not going into corn in the Corn Belt would have been fields that would have been corn on corn.
In areas more “fringe” to the Corn Belt, including North Dakota, more acres switched to specialty crops that are contracted.
Meanwhile, wheat’s quarterly stocks were the lowest since 2008, but exports also are the second lowest on record, Martinson said.