USDA’s highly anticipated prospective plantings report is predicting that farmers will plant eight percent less corn and 18 percent more soybeans. Growers intend to plant 86.0 million acres of corn and 74.8 million acres of soybeans in 2008.

Expected acreage is down from last year in most states as favorable prices for other crops, high input costs for corn, and crop rotation considerations are motivating some farmers to plant fewer acres to corn.

Despite the decrease, the report says, “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.”