Farmers to plant record low wheat acres, most soybeans ever

In its annual prospective plantings report released Friday, the U.S. Department of Agriculture said wheat acres will be the lowest on record this year at 46.1 million acres and soybean planting will be at a record high of 89.5 million acres.  The United States has more than 1 billion bushels of surplus wheat in storage and the oversupply has driven wheat farmers in several states including Kansas, Michigan, Minnesota, Nebraska, North Dakota, Ohio and South Dakota to shift previously planted wheat acres to soybeans.  "The big trend there is that wheat is grown in just about every continent around the world except Antarctica so those acres elsewhere have increased dramatically. The U.S. has lost production to the rest of the world," said Todd Hultman, a grain market analyst for DTN, an Omaha, Nebraska-based agriculture market data provider.