That's no typo. According to a survey released today by Farm Futures,
That would be the highest corn acreage since 1946. And it says something about the lure of $4 corn, says survey author
"Farmers are ready to plant corn like there's no tomorrow,bCrLf he says. "December 07 futures is at $4/bu., so why not? That's an all-time record for a December futures contract.bCrLf
Two weeks ago private grains research house Informa Economics estimated a 7 million corn acreage increase for 2007, to 85.612 million acres. The firm also estimated soybean acreage would drop 4.644 million from 2006, at 70.878 million acres.
Farm Futures' new survey estimates soybean acreage could drop to 69.5 million acres this spring, down from 75.5 million in 2006.
Increased ethanol demand The industry is carefully monitoring the number of corn acres needed to meet increasing ethanol and export demand.
Export demand for
The survey Farm Futures conducted over Labor day last fall was the first to really document a large shift in acreage this year. At that time, our survey results came back saying farmers would be planting 85 million acres, a sizeable jump from 2006, but still lower than the 88 million acres in today's survey.
"Even though we were way above what people were talking about, it quickly became apparent that our number was pretty accurate,bCrLf says Knorr. "Our number was quickly accepted in the marketplace.
"Historically, our surveys have been pretty accurate,bCrLf he adds. "One reason is, we have one of the best farmer databases around. We have a large sampling of people who register through our website.bCrLf