Farmers to plant record low wheat acres, most soybeans ever

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DES MOINES, Iowa (AP) -- The U.S. Department of Agriculture says the number of acres planted in wheat this year will be the lowest on record and much of that will be planted instead to soybeans which will be at a record high of 89.5 million acres.

Four years of good wheat growing weather led to a global glut pushing prices low and making it unprofitable for farmers to grow.

In several states including Nebraska, Michigan, Minnesota and Kansas farmers have decided to gamble on soybeans instead.

The USDA, in its first estimate of farmer planting intentions this year released Friday, says corn acres will fall 4 percent to 90 million.

The shift shouldn't change much at the grocery store but plentiful grain supplies help keep livestock feed prices low which could lead to cheaper hamburger.