Monday, June 30, 2008

USDA Forecasts More Corn Despite Floods

It's all in how you interpret it. Oh, and your level of sophistication. July corn is up a penny.
From the Illinois Farm Bureau:

Springtime floods wiped out 2 percent of U.S. corn plantings, the government said Monday, but farmers may reap the second-largest crop ever because they sowed far more land than expected.

Farmers planted 87.3 million acres of corn this spring, said the Agriculture Department, or 1.3 million acres more than projected in March....

USDA Acreage Report

USDA Grain Stocks Report

Here's commentary from AgWeb: