On Tuesday, USDA’s National Agricultural Statistics Service (NASS) released the much-anticipated Prospective Plantings report. This report showed corn planted area to fall by 2 percent from 2014 to the lowest planted acreage in the country since 2010.

Corn planted area – for all purposes – in 2015 is pegged at an estimated 89.2 million acres, compared to 90.6 million acres planted in 2014.

The USDA noted that if these acres of planted corn are realized, “this will be the third consecutive year of an acreage decline.”

Despite the cut in prospective planted corn acreage, this figure is still roughly 500,000 acres more than anticipated by analysts polled by Reuters. On average, these analysts expected farmers to plant 88.7 million acres in 2015.

Most of the Corn Belt is expected to see substantial declines in planted corn acres this year:

State

Planted Corn Acres:
2014

Anticipated Planted Corn Acres: 2015

Difference in acres from 2014 to 2015

Illinois

11,900,000

11,700,000

-200,000

Indiana

5,900,000

5,800,000

-100,000

Iowa

13,700,000

13,600,000

-100,000

Michigan

2,550,000

2,450,000

-100,000

Missouri

3,500,000

3,300,000

-200,000

North Dakota

2,800,000

2,700,000

-100,000

Ohio

3,700,000

3,500,000

-200,000

South Dakota

5,800,000

5,200,000

-600,000

Kansas and Nebraska are not expected to see any change from last year, and Minnesota and Wisconsin are both anticipating increases in corn plantings by 300,000 acres and 100,000 acres respectively.

Terry Roggensack, an analyst at The Hightower Report, told a Chicago weather forum last week, the projected returns for corn aren’t good this year. According to Roggensack, the average cost to produce corn is roughly $4.15 per bushel, and Chicago Board of Trade December corn futures are currently trading at this level.

Read, “U.S. soybean plantings seen up in 2015 despite falling prices, corn lower.”

The report spelled out a different story for soybeans. The USDA pegged the 2015 planted area of soybeans at a record high of 84.6 million acres, up 1 percent from 2014.

“Compared with last year, planted acreage intentions are up or unchanged in 21 of the 31 major producing States,” the USDA added.

While this estimate is higher than last year, it still falls short of analyst expectations. Analysts polled by Reuters anticipated 85.9 million soybean acres.

Click here to read the full USDA report.

Tom Polansek, a Reuters reporter, added in a pre-report article, that while the report is based on surveys of 84,000 farmers taken earlier this year, growers may still change their intentions based on price and weather fluctuations.