USDA: Less Corn; More Soy & Wheat in 2008

from Brownfield Network:
Friday, October 19, 2007, 11:03 AM by Peter Shinn

USDA Chief Ag Economist Keith Collins gave a comprehensive update on U.S. agriculture to the House Agriculture Committee Thursday. He predicted less corn and cotton acres next year and big increases in soybean and wheat acres.

"Wheat and soybean prices are, now, much stronger relative to corn than they were a year ago," Collins testified. "And with fertilizer prices at very high levels, we expect many more soybean acres and fewer corn and cotton acres in 2008."

Collins said he sees corn acres falling to 87 million in 2008 from 93 million acres this year. He predicting soybean acres will climb from 64 million this year to 70 million next year.

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