Survey: Drop in Corn Acres

Farmers are ready to slash corn acreage this spring as frustrations with high production costs and lower prices soar, fueling a record switch to soybeans, according to new Farm Futures research. The magazine’s annual planting intentions survey puts U.S. corn acreage at 82.46 million this spring, down 4% from the 86 million put in a year ago.

Soybean acreage would soar to a record 80.73 million, up more than 6% from last year’s 75.7 million. “Some statistical models show corn holding acreage this spring because it remains profitable in some areas,” said Senior Editor Bryce Knorr, who directs the magazine’s exclusive surveys. “But in the real world, farmers tell us corn is just too risky to plant because it costs so much more than soybeans.”

The magazine’s third survey of 2009 planting intentions continued a theme uncovered during previous tallies, starting in August, when rising fertilizer costs began eating into corn acreage plans.