Corn's price drop has US farmers looking to soy

Published on NewsOK Modified: January 16, 2014 at 2:41 pm •  Published: January 16, 2014

DES MOINES, Iowa (AP) — Corn is the top crop for U.S. farmers but the golden luster has faded with much lower corn prices prompting many to consider switching to more soybeans this year.

A December survey of more than 1,600 producers by Farm Futures, an agriculture-focused publisher, indicated farmers intend to reduce corn planting 3 percent from last year and boost soybeans about 7.6 percent. The U.S. Department of Agriculture won't release its first official report on farmer intentions until March 31.

Last year U.S. farmers harvested nearly 14 billion bushels of corn, four times the soybeans produced.

Over the next six weeks farmers will work out budgets that will determine the corn/soybean mix for the year. Some experts say a shift of 2 million to 3 million acres wouldn't be a surprise.