WASHINGTON Feb 5 U.S. farmers will plant 97
million acres of corn and 77 million acres of soybeans this
spring, enough to produce a record corn crop and end three years
of razor-thin supplies, the Congressional Budget Office
projected on Tuesday.
CBO projected a soybean crop of 3.306 billion bushels, the
third-largest on record. The projections assume normal weather
and yields despite the lingering effects of the 2012 drought,
the worst in 56 years.
Growers will collect a record $16 billion in crop insurance
indemnities for 2012 losses, CBO estimated in documents that
forecast spending by the Agriculture Department and the rest of
the federal government. Crop insurers would lose $5 billion on
their 2012 policies, the first money-losing year in a decade.