August 31, 2011

 

High prices to bolster US corn, wheat, soy plantings

 

 

In spite of difficult growing conditions this year, high prices of US wheat, corn and soy will cause plantings of each crop to increase for the 2012 harvest, according to an online survey by Farm Futures magazine.

 

Farm Futures estimated corn acreage next year should reach 93.87 million, up 1.7% from 2011 and could top 94 million, according to Farm Futures Senior Editor who conducted the survey.

 

If realised, 93.87 million acres planted to corn would surpass the post-World War Two record of 93.5 million acres set in 2007.

 

The survey projected soy acreage would reach 76.9 million, up 2.3% from this year and all-wheat acreage should reach 58.63 million, up 3.9%.

 

Farm Futures surveyed nearly 1,000 growers in late July and August and released the data on Tuesday (Aug 30) at the opening day of the 2011 Farm Progress Show in Decatur, Illinois.