USDA: Largest corn crop in 75 years

Posted by IronPlanet on Mar 30, 2012 8:17:00 AM

U.S. farmers are preparing to plant the largest amount of corn in 75 years, according to a Department of Agriculture (USDA) report released Friday.

The Associated Press reports that farmers will plant 95.9 million acres of corn this spring, which is a 4 percent increase from last year. That's the highest amount of corn since 97.2 million acres were planted in World War II.

A smaller-than-expected amount of corn in storage is the key factor behind the decision. In a separate report, the USDA indicated that the country has 6.01 billion bushels of corn in storage, down 8 percent from the previous year. That caused the price of corn to rise, and now farmers are looking to take advantage by planting the crop in abundance.

Demand for wheat and corn has risen in recent months, especially from Asian markets. While these two crops are expected to grow in size this year, fewer amounts of crops like soybeans and cotton will be planted.

Those gearing up for the planting season should consider purchasing used equipment from IronPlanet to help keep their costs down, as it's often cheaper than buying new. IronPlanet offers a wide range of tractors, scrapers, water pumps and much more, all backed by the full inspection reports of IronClad Assurance.

Topics: Industry Headlines