Corn and wheat are now down fractionally.
USDA releases bearish data
The U.S. farmers planted a lot more corn acres in 2011 than the trade expected, according to the USDA Thursday. In its June Acreage and Quarterly Grain Stocks Reports, the government released very bearish data.
From the Houston Chronicle:
The Early Calls for commodities for Thursday's trade are as follows: Corn 30 cents (daily limit) lower, soybeans 20-25 cents lower, and wheat to follow, according to the CME Group floor traders.For corn, the USDA's estimate of 92.3 million acres is above the average trade estimate of 90.776 million and below the March estimate of 92.178 million.
USDA estimates the 2011 U.S. soybean acreage at 75.2 million, vs. the average trade estimate of 76.476 million and its March estimate of 76.609 million.
In its report, the USDA sees the U.S. 2011 All Wheat acreage at 56.4 million vs. the average trade estimate of 56.607 million and its March estimate of 58.021 million....MORE
Farmers plant more corn, could slow food inflation