This year will see farmers in the U.S. sow the largest amount of acres in many years as they attempt to capitalize on the top agricultural prices in more than 40 years, according to Bloomberg.
Corn, soybeans and wheat will grow on 226.9 million acres, representing the highest amount since 1984, according to a survey administered by the news service on 36 farmers, bankers and analysts. Many crop prices last year climbed to their highest ever price and enhanced the economies of several states in the Midwest.
"There is unlikely to be any ground that won't be planted this year," 40-year-old farmer Todd Wachtel in south-central Illinois told the news service, noting he intends to widen corn fields by 21 percent. "Farmers know that they have to plant more when prices are high because they may not last."
At 2:15 p.m. on Tuesday, corn futures slipped 0.31 percent, a 2 cent drop to $6.4225 per bushel. Soybeans edged down 0.08 percent, a 1 cent fall to $12.32 per bushel. Wheat futures dropped 0.93 percent, a 6.25 cent reduction to $6.6225 per bushel.
The Associated Press reports the grain's losses on Tuesday began early in the trading session.
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