The Government on Wednesday reveled that American farmers are expected to plant 88.8 million acres of corn, forming the second-largest acreage since 1946 - and also a record 78.1 million acres of soybeans responding to high prices for the crops.

Although, the survey estimates signify towards the prospect of bumper crops, yet the acreage figures registered a small fall below trade expectations of 89.2 million acres for corn and 78.5 million acres of soybeans.

It is revealed that the planting intentions would fetch a corn crop production of 13.1 billion bushels and a soybean crop of 3.3 billion, just under the 2009 record, provided weather remains normal.

Also, as per the report, the Department of Agriculture posted that there were 7.69 billion bushels of corn in warehouses and grain bins on March 1, outlining the largest amount since 1987 surpassing the traders expectation.

"Expected acreage is up in many states due to reduced winter wheat acreage and expectations of improved net returns", the U. S. D. A. quoted.

The U. S. D. A. revealed that growers have planned to grow 53.8 million acres of wheat, the smallest since 1970, and 10.5 million acres of cotton, marking a growth of 15 percent compared to the previous year.