This year looks to be a record-breaker for acres planted in the U.S.
At last week’s Agricultural Outlook Forum, Joseph Glauber, USDA’s chief economist, released figures for 2012 plantings and crop price prospects.
Glauber says expected returns for soybeans and corn will again be historically high, reflecting strong new-crop futures and cash forward prices.
Here are USDA’s projected acres for 2012:
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CRP enrollments for 2012/13 are down, USDA reports. Total projected CRP area is 30 million acres, 6.8 million acres lower than at its peak enrollment in 2007/08.
The lower CRP enrollment is helping boost many crops’ acreage for 2012. Corn plantings are estimated at 94 million acres – the largest plantings since 1944.
Soybeans are projected at 75 million acres, unchanged from 2011, but down 1.6 million from last year’s intentions.
Wheat acreage is expected to increase 3.6 million acres to 58.0 million. Winter wheat area at 41.9 million acres, is up 1.3 million from last year. Spring wheat plantings should rebound from last year’s levels when excessive spring and early summer wetness limited seedings.
Cotton acreage is expected to decrease to 13 million acres.