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Mar. 17, 2006 U.S. growers say they will cut corn plantings this spring and instead devote more acres to soybeans, according to an exclusive survey by Farm Futures magazine. Growers report they plan to plant 2% fewer acres of corn, while boosting bean seedings by 4.5% compared to 2005. Projected nationwide, that suggests corn plantings of 80.1 million acres this spring, compared to 81.8 million a year ago; soybean plantings could reach 75.4 million acres, up from 72.1 million in 2005. USDA releases its annual Prospective Plantings report March 31. Traditionally the numbers are closely watched by the grain trade. Most Farm Futures readers are full-time, commercial sized producers who control the majority of the nation's corn and soybean acres planted each year. The magazine surveyed 379 readers in February. "High production costs for corn, including sky-high fuel and fertilizer prices, may force some farmers to abandon their traditional rotations and plant more soybeans," says Bryce Knorr, senior editor of Farm Futures. "However, it's important to note that farmers may alter decisions right up until the planters start rolling this spring." Producers may be encouraged to increase corn plantings from winter estimates if prices rise far enough, says Knorr. Also, falling natural gas prices may cheapen fertilizer enough to convince some farmers to switch back to corn. Arlan Suderman, market analyst for Farm Futures and the Farm Progress group of state and regional farm magazines, says farmers around the Midwest had different reasons for their planting decisions. "State-by-state breakdowns indicate farmers in the Western Corn Belt plan to plant less corn and more soybeans. But in Illinois and Indiana, producers believe corn has a comparative advantage in profitability over beans. Those growers will try to maintain or increase corn acreage if possible." Increased soft red winter wheat plantings could also factor into the equation, says Suderman. Two states that witnessed a big increase in wheat seedings last fall also showed a big drop in corn intentions this spring, he says. Source: Farm Futures news release |
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