U.S. farmers have planted the largest corn crop in 63 years, hoping to capitalize on rising corn prizes as the country develops its corn-based ethanol industry, the Agriculture department reported Friday. Some 90.454 million acres of land have been devoted to corn, promising a possible record harvest of 12.5 billion-bushels of the crop, the department said. 700 million bushels more than the 2004 record, assuming normal weather and yields, will mostly go to feed livestock, exports, food and ethanol manufacturers. However, the Agriculture Department noted in its report that farmers are planting corn at the expensed of other crops, raising concern that renewable fuels will steal grain needed for food and feed. Growers surveyed by the department said they will cut back on soybeans in the Midwest and on cotton and rice in the South. The soybean crop is set to be the smallest since 1996, the cotton crop would be the smallest since 1989, and the rice crop the smallest seeded area since 1987.
