Smaller corn cuts expected
Data from the USDA's Farm Service Agency indicate federal forecasters next month will make a smaller-than-expected cut to their estimate for corn planted last spring, according to Informa Economics.
The agricultural firm predicts the USDA will reduce its plantings estimate 350-450K acres, compared to its previous forecast for a 500K drop. Informa also expects the agency to increase its soybean-plantings estimate 100K acres; a cut of that size had been seen.
The USDA on Monday estimated farmers had planted 92.3M corn acres and 75M soybean acres. December corn futures were recently down 6c at $6.95/bushel while November soybeans slipped 4 1/4c to $13.54 1/2.
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(END) Dow Jones Newswires
September 16, 2011 12:41 ET (16:41 GMT)