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Larger U.S. corn sowings menaced by drought, USDA says

Reuters - Jun 29, 2012

U.S. farmers planted slightly more corn and far more soybeans than they originally planned, the government said on Friday in a report that failed to ease concerns over a Midwest drought that has jeopardized a bumper harvest.

According to the Agriculture Department's annual planting report, it has been 75 years since growers seeded so many acres with corn. They also planted the third-largest amount of soybeans on record. The plantings were slightly larger than analysts had expected, but new-crop Chicago corn prices extended gains toward its biggest weekly rally since 2008.

"Weather trumps the report," said Don Roose, analyst with U.S. Commodities in West Des Moines, Iowa. "We traded the report for probably 30 seconds and then we went back to trading the weather. These are past numbers."

Ordinarily, large plantings would be a virtual guarantee of a mammoth crop. Bumper supplies were hoped for this year to replenish near record-low inventories and end a years-long cycle of food-price inflation and supply concerns.

Read Full Article from Reuters

- Posted: 2012-06-29 13:19:25


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