According to a new Farm Futures survey, farmers plan to increase their corn and soybean acreage this year. Corn acres are forecast to increase more than four percent, totaling 94.7 million acres. The survey put soybean acreage at 84.5 million, up 1.4 million acres from last year. An inverted price situation for soybeans is seen as the reason for less growth in acreage. Farm Futures said the market needs soybeans now, but lower new crop prices will influence planting decisions. The survey found spring wheat farmers plan to increase acres three percent from one year ago, seeding 12.6 million acres.
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