U.S. farmers will plant less corn and more soybeans in 2024 than they did a year earlier as prices of both commodities fall to multi-year lows, the U.S. Department of Agriculture said on Thursday.

USDA forecast corn seedings of 91.0 million acres, down from 94.6 million in 2023 and soybean seedings of 87.5 million acres, up from 83.6 million last year. The Department expects wheat plantings of 47.0 million acres, down from 49.6 million in 2023.

(Reporting by Julie Ingwersen and Caroline Stauffer)