DES MOINES, Iowa (AP) – The U.S. Department of Agriculture in its annual prospective plantings report released Friday, said wheat acres will be the lowest on record this year at 46.1 million acres and soybean planting will be at a record high of 89.5 million acres.
The United States has more than 1 billion bushels of surplus wheat in storage and the oversupply has driven wheat farmers in several states including South Dakota to shift previously planted wheat acres to soybeans.
Wheat overproduction caused prices to collapse and made production unprofitable. Good growing weather for wheat worldwide for four consecutive years has been a contributing factor.
Friday’s report is based on a survey of farmers and is the first indication for the year of planting intentions.
