U.S. farmers are expected to plant a lot more soybeans and less corn this year, according to a report from the U.S Department of Agriculture.
The USDA Prospective Plantings Report, released Monday, showed an expected 18 percent increase in soybean acres and an 8 percent drop in the number of acres that will be planted in corn this spring.
In all, farmers across the country are expected to plant 86 million acres in corn, a significant decrease from last year's planting.
Iowa is expected to lead the nation in the switch to soybeans. The USDA says soybean acres in Iowa will jump from 8.55 million to 9.8 million acres. Iowa farmers planted 14.2 million acres in corn last year, and that number will drop to 13.2 million acres.
Corn prices were up across the board as a result of the news, while soybean prices dropped by 70 cents per bushel.