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01/11/2014 05:47 EST | Updated 03/13/2014 05:59 EDT

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DES MOINES, Iowa - Corn is the top crop for U.S. farmers but the golden lustre has faded with much lower corn prices prompting many to consider switching to more soybeans this year.

A December survey of more than 1,600 producers by Farm Futures, an agriculture-focused publisher, indicated farmers intend to reduce corn planting 3 per cent from last year and boost soybeans about 7.6 per cent. The U.S. Department of Agriculture won't release its first official report on farmer intentions until March 31.

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