US farmers planted more corn than expected, despite heavy rains and floods, which, according to market observers, "took" most of the spring from farmers, the US government said on Friday, June 28.
At the same time, soybean is sown less than predicted. Analysts had expected the data to show an increase in sown area under soybeans due to delays in planting corn.
Chicago Board of Trade (CBOT) futures reacted sharply to the news: corn lowered its daily trading limit of 25 cents to its lowest level since June 11. Soybeans on CBOT rose to their highest level since February 1.
U.S. Department of Agriculture reports published throughout the spring showed corn sowing at a historically slow pace.
The USDA annual report showed that farmers planted 91.7 million acres of corn and 80.0 million acres of soy. This compares with March government forecasts of 92.8 million acres of corn and 84.6 million acres of soy.
Wheat plantings in the United States amounted to 45.6 million acres, which is in line with market forecasts. Wheat futures fell 3.8 percent.
