The American Farm Bureau is reporting the results of a Department of Agriculture survey of farmer’s planting intentions for 2008. According to the report, “U.S. farmers are expected to plant about 18 percent more soybeans this year, while their corn acreage could decline by about 8 percent from a year ago.” The report is significant, as the day the report was released, a bushel of corn was “up about 10 cents to 15 cents.”
In related news, the New York Times elaborates on our April 1 blog on how ranchers and farmers are taking their land out of the government’s Conservation Reserve Program, and farming that land to cash in on the agricultural boom. “Environmental and hunting groups are warning that years of progress could soon be lost, particularly with the native prairie in the Upper Midwest. But a broad coalition of baking, poultry, snack food, ethanol and livestock groups say bigger harvests are a more important priority than habitats for waterfowl and other wildlife.” According to the article, as many acres as “are in Rhode Island and Delaware combined” were converted from conserved to cultivated land last fall alone.