U.S. farmers planted more corn than expected despite heavy rains and flooding th...
CHICAGO - U.S. farmers planted more corn than expected despite heavy rains and flooding that market watchers had said kept farmers out of the fields for much of the spring, the U.S. government said on Friday.
Chicago Board of Trade futures reacted sharply to the news, with corn plunging its daily 25-cent trading limit to its lowest since June 11. CBOT soybeans rallied to their highest since Feb. 1. The U.S. Agriculture Department’s annual acreage report showed that farmers seeded 91.7 million acres of corn and 80.0 million acres of soybeans. That compares with the government’s March forecasts of 92.8 million corn acres and 84.6 million soybean acres.
Lance Honig, crops chief at the USDA’s National Agricultural Statistics Service posted on Twitter that the government will resurvey acreage in 14 states and may release updated acreage totals on Aug. 12.
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