U.S. corn acreage will rise to an all-time high of 97.6 million acres in 2013 as farmers try to capitalize on high prices, Rabobank says in a report.

U.S. Department of Agriculture estimates corn plantings in 2012 at 96.9 million hectares but more than 9% of the acreage wasn't harvested, partly due to a severe drought. Corn will further displace soybeans as its prices are expected to better next quarter, ahead of planting decisions, the bank says.

"Our state-by-state model suggests that the majority of the 0.7-million-acre increase in planted area will be in the Northern Plains, displacing soybeans and wheat," it says.

Corn will displace cotton in the Delta region, the bank adds. Acreage increase isn't expected in the Midwest, the country's corn belt, due to disappointing yields as the same crop is planted year after year, Rabobank says.

Growers are diversifying to wheat and soybeans in the Midwest, it adds.

(sameer.mohindru@dowjones.com)
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(END) Dow Jones Newswires
December 04, 2012 06:44 ET (11:44 GMT)
DJ MARKET TALK: US 2013 Corn Plantings To Hit Record High -Rabobank->copyright