USDA projects cornacreage decrease

By | May 09, 2008
On March 31, the USDA released the season's first Prospective Planting Report, which concluded that farmers intend to plant 86 million acres in 2008, an 8 percent reduction from last year's acreage that was the highest since 1944. Despite the decrease, corn acreage is expected to remain at historically high levels as the corn price outlook remains strong due in part to the continued expansion in ethanol production, the USDA reported.