The United States Department of Agriculture (USDA) released its Prospective Plantings report Wednesday, which included a change in expected grain planting for the state of Iowa. According to the report, Iowa is expected to have 200,000 fewer acres of corn planted in 2010, despite an overall increase of corn acreage nationally. That means more farmers intending to plant soybeans this season, which the report estimated at 300,000 more acres than in 2009.
Justin Huebner, Financial Services and Grain Marketing Advisor at Two Rivers Cooperative in Pella says he expects that trend to hold true in the Marion County area, as wet springs often prompt farmers to dedicate more acres to soybeans than corn.
Leslie Miller and John Jensen with Iowa State Savings Bank in Knoxville report that corn and bean prices fell after the release of Wednesday’s report, but do not feel that this is a reason for concern as the planting season is just beginning, and that current movement in the market may be the result of speculators adjusting their positions at the month’s end.
According to the USDA’s figures, Iowa farmers are expected to plant 13.5 million acres of corn this spring – which is still tops in the nation – and commit 9.9 million acres to soybean production.