CHICAGO: US farmers are planning to cut corn plantings by more than expected in 2024 while expanding soybean seedings, the US Department of Agriculture (USDA) said on Thursday, as low crop prices and high input costs have many growers looking to cut expenses.

Prices for both crops are hovering near three-year lows as global supplies swell with rising South American harvests and slowing demand from top importer China.

The USDA said US farmers plan to seed 90.036 million acres with corn in 2024, down 5% from 94.641 million acres last year and below a USDA forecast in February of 91.000 million acres.

Soybean plantings were seen rising 3% to 86.510 million acres, from 83.600 million in 2023, the fifth most on record but short of the 87.500 million acres forecast by USDA last month.

Analysts polled by Reuters, on average, had expected corn plantings to decline to 91.776 million acres, while soybean seedings were seen at 86.530 million acres.