USDA projects decrease in crop planting of 8 million acres in 2009 despite elevated prices

In Illinois, experts briefing the press at the Chicago Board of trade said that soybean exports will reach record levels in 2009 based on 76 million planted acres of soybeans, compared to 85 million acres of corn and 58.6 million acres of wheat. The planting levels reported by the USDA in their early crop report, include a decrease in planting of 8 million acres, despite elevated crop prices; crop planting had increased 10 million acres in the past two years.  Plus, soybean planting was 4 million acres down from projected levels, leading speculation that soy prices will rise on a shortfall in production.

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