U.S. farmers seen likely to plant less corn, more soy

Washington | Reuters — The U.S. Department of Agriculture on Thursday said U.S. farmers were likely to plant less corn in the upcoming season, switching land to soybeans and wheat instead.

In its annual long-term baseline report, USDA’s Office of the Chief Economist estimated corn plantings for 2014-15 at 93.5 million acres, down from its most recent official figure for 2013-14 of 95.4 million.

Soybean plantings were estimated at 78 million acres, up from 76.5 million, and wheat plantings were pegged at 57 million acres, up from 56.2 million.

U.S. cotton plantings were also forecast to rise in 2014/15, to 11 million acres from 10.41 million.

— Reporting for Reuters by Ros Krasny in Washington, D.C.

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