MISSISSIPPI STATE -- Many Mississippi fields are proof that "hope springs eternal" as soybean growers are planting early, aiming for strong yields in a year when prices offer little incentive.

Alan Blaine, soybean specialist with the Mississippi State University Extension Service, said about 60 percent of the crop was planted by May 1. While growers are running slightly behind last year's planting schedule, they are still ahead of the five-year average.

"In recent years, much of the state crop has been planted before late May, but historically, more than a third of the crop would be planted after June 15," Blaine said. "As growers have worked to plant earlier, they also have seen average yields increase. Although numerous inputs go into soybean production, the two most important factors other than rainfall are planting dates and variety selection."

State soybean average yields in the 1970s and 1980s were 21 to 22 bushels per acre. During the 1990s, growers averaged 26.6 bushels per acre. The U.S. Department of Agriculture estimated in March that Mississippi will plant 1.25 million acres of soybeans in 2002, up 90,000 acres from last year. However, Blaine said he believes Mississippi growers will plant more than 200,000 acres more than the USDA estimate.

"When you look at prices for all crops, it's hard to understand why farmers even bother to plant any crop," Blaine said. "Because of the cost of corn and cotton production and other concerns, soybeans could be up 250,000 acres from last year."

John Anderson, agricultural economist with MSU's Extension Service, said prices aren't much worse for soybeans than they are for other crops.

"Corn prices are better than soybean prices and may have more potential to improve," Anderson said. "Soybean prices are definitely better than cotton, which is an expensive crop to produce. Neither soybeans nor corn are as expensive to produce as cotton."

The economist said November futures prices for soybeans are about $4.63 per bushel. Mississippi cash prices tend to be 15 cents below futures prices.

"The five-year average for soybeans (1997-2001) is $5.31 per bushel. Since 1996, prices have been drifting down from an average of $7.34," Anderson said. "The 2001 average price was $4.45, so we're similar or slightly better than last year."

Anderson said the break-even prices for most Mississippi budgets are between $3.65 and $3.75, and that is based on near-average yields.