Tuesday, March 31, 2009
The government says the nation's corn crop is expected to drop for the second straight year, largely due to lower anticipated production outside the traditional corn belt.
The Agriculture Department said Tuesday lower prices and the unstable cost of fertilizer are discouraging some farmers from growing corn this year. The crop is expected to total 85 million acres, down 1% from a year ago.
USDA says farmers in major corn-producing states such as Iowa intend to plant a slightly larger crop this year. Total U.S. acreage still would be the third-largest in the last 60 years.
The soybean crop is expected to be up slightly, to a record 76 million acres.
Wheat and cotton plantings are forecast to be down 7% from last year.