Corn futures are down in reaction to the latest USDA report. Soybean and wheat numbers have also been affected.
U.S. corn planted area for all purposes in 2011 is estimated at 92.3 million acres, up 5% from 2010 and the second-highest planted acreage since 1944, behind only the 93.5 million acres planted in 2007, according to the U.S. Department of Agriculture‘s latest report. Growers expect to harvest 84.9 million acres for grain, up 4% from 2010 numbers.
USDA numbers have sent corn futures, which were previously working on the prediction that inclement weather had limited corn farmers to 90.7 million acres of planting, dropping significantly. As of July 1, corn futures for July dropped 9.9% to $6.29 per bushel, while December futures fell by 30 cents to $6.205 per bushel and are expected to drop further.
Soybean planted area for 2011 is estimated at 75.2 million acres, down 3% from 2010, according to the USDA report. Area for harvest, at 74.3 million acres, is also down 3%. All wheat planted area is estimated at 56.4 million acres, up 5% from 2010 numbers. The 2011 winter wheat planted area, at 41.1 million acres, is up 10%, while area planted to other spring wheat for 2011 is estimated at 13.6 million acres, down 1% from 2010.
The drop in corn futures has caused soybean and wheat futures to drop, as well, according to reports. Soybeans for July fell 2.1%, to $13.0625 per bushel, while July wheat dropped 8.8% to $5.8475 per bushel.