USDA sees corn area up 5%, wheat up 8%, soybeans down 1%

USDA’s 2011 prospective plantings report shows expected year to year increases for corn, wheat and cotton against a slight decrease for soybeans.

Corn is pegged at 92.178 million acres, up 5% from 2010′s 88.192 million and above the average pre-report estimate of 91.662 million acres. If realized, this would be the second largest since 1944, trailing the 93.5 million planted in 2007. Iowa, Nebraska, Ohio and South Dakota are all expected to see increases of a quarter million or more.

Soybeans are seen at 76.609 million acres, down 1% from 2010′s 77.404 million acres and slightly under the average guess of 76.969 million acres. USDA sees decreases of over 100,000 acres in Iowa, Nebraska and Ohio. Still, if producers follow through, this would be the third largest on record including new all time highs for New York and North Dakota.

The total U.S. wheat area is projected at 58.021 million acres, an increase of 8% from last year’s 53.603 million acres and larger than analysts were expecting. By class, winter wheat is pegged at 41.229 million acres, up 10% from a year ago, spring wheat is seen at 14.427 million acres, 5% above last year, and durum is placed at 2.365 million acres, down 8% from 2010.

U.S. cotton acreage is estimated at 12.566 million acres, a jump of 15% from 2010.