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USDA raises corn planting outlook despite late planting this year

USDA raises corn planting outlook despite late planting this year

On Friday, USDA projected corn planting of 97.4 million acres for this year, which is up slightly from 97.3 forecast in late March. Soybeans acreage rose to an estimated at 77.7 million acres, up from an earlier estimate 77.1 million acres.

The corn stats reflect the highest amount of corn acres planted since 1936 and the planted soybean acre figures are the highest on record.

The forecast came as a surprise after the cold wet spring forced many farmers to significantly delay planting, and many were concerned about late planting affecting yields at harvest time this fall.

The survey was conducted of more than 70,000 farmers, and the total acres planted for both corn and soybeans is up slightly from 2012, according to the findings.

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