More acres planted, so larger corn, soybean harvest expected

DES MOINES, Iowa – More acres of corn and soybeans were planted than initially estimated this year, prompting the U.S. Department of Agriculture to boost the fall harvest expectations for both major crops.

The agency said in its monthly update Tuesday that farmers are expected to bring in 14.5 billion bushels of corn, which would break 2014’s record of 14.2 billion bushels. Farmers planted 94.1 million acres of corn, about a half-million acres more than first projected.

The soybean harvest is estimated at 3.88 billion bushels on a record 83.7 million acres planted, 1.5 million more acres than projected.

Prices for both crops are up compared to earlier this month, because the USDA says soybean exports are higher than expected and corn exports will rise since drought-stricken Brazil produced less than projected.