The first estimate for crop plantings this year by USDA is calling for less corn but more soybeans.

According to the 2017 Prospective Plantings report, producers surveyed across the United States intend to plant an estimated 89.5 million acres of soybeans in 2017, up 7 percent from last year and a new record.
Planted acreage intentions for soybeans are up or unchanged in 27 of the 31 estimating states with the largest increase expected in Kansas with 5 million acres, an increase of 950,000 acres from 2016. Soybeans stored totaled 1.73 billion bushels, up 13 percent from March 1, 2016. On-farm soybean stocks were down 8 percent from a year ago, while off-farm stocks were up 33 percent.

Meanwhile, diminished returns for corn have growers intending to plant 90 million acres in 2017, four percent less than last year. Corn stocks totaled 8.62 billion bushels, up 10 percent from the same time last year. On-farm corn stocks were up 13 percent from a year ago, and off-farm stocks were up 6 percent.

The Prospective Plantings report provides the first official, survey based estimates of U.S. farmers’ 2017 planting intentions. NASS’s acreage estimates are based on surveys conducted during the first two weeks of March from a sample of approximately 83,300 farm operators across the United States.