Corn and soybeans acreage expected to reach record combined high in 2013

There won't be a shortage of corn or soybeans any time soon. The U.S. Department of Agriculture expects farmers to plant a record 174 million acres of the crops in 2013, which will include the highest acreage of corn (97 million) since 1936 (102 million) and the fourth highest recorded acreage of soybeans. "Record high corn acreage is expected in Arizona, Idaho, Minnesota, Nevada, North Dakota and Oregon," USDA reports. (Associated Press photo by Nati Harnik)

"The impact of a smaller corn crop last year left livestock producers paying more for feed, forced ethanol producers to scale back output or shutter plants and lead consumers to pay higher prices for steaks, chicken and other items at their supermarket," Christopher Doering wrties for USA Today. "In addition to domestic use, demand from Asia and other global markets for U.S. corn and soybeans further squeezed already tight supplies, underscoring the need to plant and harvest a big crop this year."

"We're looking forward to potentially record plantings, which should relieve some pressure on the livestock and dairy industry that has been under some stress," Agriculture Secretary Tom Vilsack told Doering. "A drop in commodity prices may reduce the profitability of corn and soybean growers, but if they get great yields and they still get a decent price, they may be in pretty much the same spot that they were in when they had low yields and high prices. It's really about balance." (Read more)