U.S. farmers to plant most corn in 75 years |
| Chicago Tribune - Mar 30, 2012 |
U.S. farmers will expand their corn plantings by 4 percent this spring to the largest in 75 years, topping expectations due to surprise reductions in soybeans and spring wheat, according to a government survey on Friday.
Soybean prices jumped to hit their highest in six months, extending this year's rally after the Department of Agriculture said farmers would plant 1 percent less of the crop. Analysts had expected a rise in soy acres.
Nearby corn prices also climbed after separate data showed stockpiles fell 8 percent from a year ago, a bigger decline than analysts had expected.
The two pivotal planting and supply reports are likely to further shift concerns about global food supplies from corn to soybeans. The big corn crop means that grain is now expected to rebuild razor-thin inventories next year. Soybeans, a key source of livestock feed, are up 16 percent this year on fears that South American crops may be damaged by drought.
Read Full Article from Chicago Tribune
- Posted: 2012-03-30 10:55:02
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