Survey shows more corn, less soybeans

CHICAGO, Ill. (Reuters) — U.S. farmers will increase corn acres by nearly three percent this year while slightly reducing soybeans, according to a new grower survey.

Allendale Inc.’s survey of farmers in 25 states said corn would in-crease to 90.431 million acres from 87.999 million last year, while soybean acreage would fall to 82.575 million from 82.650 million.

If realized, Allendale’s soybean acreage would be the third highest on record, while corn would be the sixth largest of the last 10 years.

The firm’s figures compare with the U.S. Department of Agriculture’s initial seeding forecasts last month of 90 million acres for corn and 82.5 million acres for soybeans.

Allendale’s survey projected 2016 all-wheat plantings at 51.769 million acres, down from 54.644 million last year but more than the USDA’s February forecast of 51 million.

The all-wheat figure includes winter wheat, durum and spring wheat but not durum. Allendale estimated durum at 1.975 million acres and other spring wheat at 13.185 million acres.

The USDA estimated in January that farmers would seed 36.609 million acres of winter wheat.

Based on its acreage estimates and trend-line yields, Allendale said its figures implied U.S. crop production of 13.632 billion bushels of corn, 3.722 billion bu. of soybeans and 1.998 billion bu. of wheat.

The USDA will release its annual prospective plantings report March 31, which is based on surveys of tens of thousands of farmers.

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