Prospective Plantings Report 31 Mar 12

Minnesota farmers are expected to plant a record number of acres of corn this spring. The USDA says Minnesota farmers intend to plant an estimated 8.7 million acres of corn, up 7% from last year. Nationally, corn acreage is projected to be the highest since 1937. Minnesota farmers appear to be switching acres to corn from soybeans and wheat to take advantage of corn’s higher profitability. They plan to plant 6.9 million acres of soybeans, down 3% from last year, and 1.4 million acres of spring wheat, down 10%. Coupled with news of tightening grain supplies, Friday’s national Prospective Plantings report sent corn, wheat and soybean prices soaring. The report is the season’s first official survey of what farmers intend to plant in the spring.