Friday, June 28, 2013

Corn Plunges on Larger Crop Forecast

The other grains seem to be trading down in sympathy!

"Corn farmers in the U.S., the world’s biggest producer, planted the most acres since 1936 this year, more than a prior government forecast, as growers responded to low stockpiles with more planting."

Corn futures plunged more than 5% in Chicago, while wheat set one-year lows on both sides of the Atlantic, after US growers were shown to have overcome heavy rains to plant more crop than investors had expected.
The sodden spring, the wettest on record in Iowa, the top US corn and soybean producing state, looks to have prevented some wheat plantings, with farmers getting 12.3m acres in the ground, some 400,000 acres less than they had originally expected.
However, on soybeans, growers managed to sow a record 77.7m acres, more than they had initially hoped to sow, a survey by the US Department of Agriculture data showed.