Despite the recent flooding in the Midwest, U.S. farmers expect to harvest nearly 79 million acres of corn and more than 72 million acres of soybeans in 2008, according to the Acreage report released Monday by the U.S. Department of Agriculture’s National Agricultural Statistics Service.

The report shows U.S. farmers planted 87.3 million acres of corn in 2008, down 7 percent from last year’s 93.6 million acres. Of that area, growers expect to harvest 78.9 million acres, down 9 percent from 2007. For soybeans, 2008 planted area is estimated at 74.5 million acres, up 17 percent from last year. Of the planted area, farmers expect to harvest 72.1 million acres, up 15 percent from last year.

NASS collected the initial data for the annual Acreage report during the first two weeks of June but then re-interviewed 1,150 farmers last week in flood-affected areas of the Midwest in an effort to get a more current and accurate assessment.  They found that the ratio of acres intended for harvest, compared to acres originally planted, is off about 2 percent from what was expected prior the floods.

For the full report, see http://www.nass.usda.gov/Newsroom/2008/06_30_2008.asp

Source: USDA