The U.S. Department of Agriculture now expects U.S. farmers to plant 87 million acres of corn in 2007 and produce 12.2 billion bushels of the grain, according to Chief Economist Keith Collins at the annual Agricultural Outlook Forum. Acreage is expected to climb from 78.3 million acres in 2006. USDA projects prices to average a record high $3.60 in 2007-08, up from $3.20 the current marketing year. USDA is projecting that area planted to soybeans will be 70.5 million acres in 2007, down from 75.5 million in 2006. Collins said that the reduction in soybean planted acreage will eventually lead to lower production and help to reduce record-high soybean stocks. Collins said the average farm price for soybeans is seen at $7.10 a bushel up from $6.20 last year.