Hope Springs Eternal: "US farmers set for bumper 2013 corn plantings"

Corn just retrieved an 8 handle, $8.005 in electronic trade.
From Agrimoney:

US farmers are to match this year's huge corn sowings in 2013 to capitalise on high prices, CF Industries said as the fertilizer group flagged hopes for prospects after a quarter in which its results missed Wall Street forecasts.

Having taken 75 years to return to 96m acres, US corn plantings will stay there next year, according to CF, which said its forecast was implied by the level to which prices of the grain have rallied to.

Chicago's best-traded December corn contract stood at $8.08 a bushel at 05:30 Chicago time (11:30 UK time) on Tuesday, up 60% since mid-June, when fears for the impact of US drought on yields sent prices soaring.

"Tight global grain stocks have supported strong prices and created conditions for continued high crop plantings," Stephen Wilson, the CF chairman and chief executive, said.

Downside to dryness

With strong US sowings ahead for corn, a nutrient-hungry crop, CF was upbeat over the region's demand for nitrogen fertilizers, which make up the great majority of the group's portfolio....MORE