U.S. farmers will cut back on their corn acres this year by 1.5 percent and slightly increase their soybean acres this year because of the high cost of inputs.
During the agency’s annual Ag Outlook Forum, USDA projected that high yields would bring in the biggest corn and soybean crops in history, which would likely pull down season-average prices for the two most widely planted crops in America.
USDA says corn plantings will total 92 million acres, 1.4 million lower than in 2020. Soybean plantings will rise 88,000 acres to a total of 88 million this year. A corn crop of 181 bushels an acre would yield a record 15.24 billion bushels. Soybeans, with yields of 51.5 bushels per acre, would yield a record 4.49 billion bushels.
Projected farm-gate prices were $5 a bushel for this year’s corn crop and $12.75 a bushel for soybeans. Wheat production will be 1.94 billion bushels at $6.80 a bushel.