In the March 2014 Prospective Plantings Report, USDA estimates corn planted area at 91.7 million acres, down 4% from last year and 6% from 2012. Soybean planted area for 2014 is estimated at a record high 81.5 million acres, up 6% from last year, according to the report.
If realized, this will represent the lowest planted corn acreage in the United States since 2010; however, it could be the fifth largest corn acreage in the United States since 1944. Colorado, Idaho, Iowa, Kansas, Maine, Massachusetts, and Utah are expected to increase planted acreage from last year. If realized, planted acres in Idaho would be a record high.
Expected returns for corn are anticipated to be lower in 2014 compared with recent years.
Compared with last year, planted acreage intentions are up or unchanged across all states with the exception of Missouri and Oklahoma. The largest increase is expected in North Dakota where farmers intend to plant a record high 5.65 million acres, an increase of one million acres from 2013. Compared with last year, large increases in planted area are also expected in Minnesota and Nebraska. If realized, the planted area in Nebraska, New York, Pennsylvania, South Dakota and Wisconsin will also be the largest on record.