USDA survey estimates 95.9 million acres of corn *Soybean, spring wheat acres seen down from last year
WASHINGTON, March 30 (Reuters) - U.S. farmers say they will plant 95.9 million acres of corn this spring to cash in on strong prices, a 75-year high that tops expectations due to surprise reductions in soybean and spring-wheat plantings.
An annual prospective plantings survey by the U.S. Department of Agriculture found farmers will plant record amounts of corn in Iowa, Minnesota, North Dakota, South Dakota and Idaho. Nationally, the plantings outlook is up 4 percent from last year and above analyst expectations for 94.72 million acres.
Soybean plantings are expected to fall 1 percent from last year to 73.9 million acres, increasing concerns about tightening global supplies of the oilseed due to poor harvests in South America. Analysts had expected soy plantings to increase to 75.393 million acres.
"Acreage is expected to shift to corn," the USDA said.
Farmers are focusing on corn because prices remain historically high after reaching a record high last year on strong demand that drained supplies. The increase in plantings should help boost supplies, which are forecast to drop to the lowest level since the mid 1990s by the end of the crop's marketing year in September.
If USDA's forecast is realized, it will be the most corn planted since 1937, when an estimated 97.2 million acres were planted.
UDSA estimates farmers will plant 12 million acres of spring wheat other than durum, with a record low number of acres seeded in South Dakota. That is down 3 percent from last year and below the average trade estimate of 13.313 million acres.
USDA's estimate for total wheat planted area of 55.9 million acres is up 3 percent from 2011 but well below the average analyst estimate of 57.422 million acres.
Growers intend to plant 13.2 million acres of cotton, down 11 percent from last year, and 2.56 million acres of rice, down 5 percent.
The acreage estimates imply a corn harvest of 14.5 billion bushels, a soy harvest of 3.2 billion bushels, wheat harvest of 2.1 billion bushels and cotton harvest of 18 million bales, according to Reuters calculations that assume a normal number of abandoned acres and normal weather and yields.
WASHINGTON, March 30 (Reuters) - U.S. farmers say they will plant 95.9 million acres of corn this spring to cash in on strong prices, a 75-year high that tops expectations due to surprise reductions in soybean and spring-wheat plantings.
An annual prospective plantings survey by the U.S. Department of Agriculture found farmers will plant record amounts of corn in Iowa, Minnesota, North Dakota, South Dakota and Idaho. Nationally, the plantings outlook is up 4 percent from last year and above analyst expectations for 94.72 million acres.
Soybean plantings are expected to fall 1 percent from last year to 73.9 million acres, increasing concerns about tightening global supplies of the oilseed due to poor harvests in South America. Analysts had expected soy plantings to increase to 75.393 million acres.
"Acreage is expected to shift to corn," the USDA said.
Farmers are focusing on corn because prices remain historically high after reaching a record high last year on strong demand that drained supplies. The increase in plantings should help boost supplies, which are forecast to drop to the lowest level since the mid 1990s by the end of the crop's marketing year in September.
If USDA's forecast is realized, it will be the most corn planted since 1937, when an estimated 97.2 million acres were planted.
UDSA estimates farmers will plant 12 million acres of spring wheat other than durum, with a record low number of acres seeded in South Dakota. That is down 3 percent from last year and below the average trade estimate of 13.313 million acres.
USDA's estimate for total wheat planted area of 55.9 million acres is up 3 percent from 2011 but well below the average analyst estimate of 57.422 million acres.
Growers intend to plant 13.2 million acres of cotton, down 11 percent from last year, and 2.56 million acres of rice, down 5 percent.
The acreage estimates imply a corn harvest of 14.5 billion bushels, a soy harvest of 3.2 billion bushels, wheat harvest of 2.1 billion bushels and cotton harvest of 18 million bales, according to Reuters calculations that assume a normal number of abandoned acres and normal weather and yields.
