Corn prices expected to drop as USDA ups plant projection

Corn prices expected to drop as USDA ups plant projection

The big jump in corn acreage in the U.S. Department of Agriculture’s June 29 report is likely the result of the agency’s underestimation of farmers’ planting intentions in its previous quarterly report from March, which cut corn, wheat and soybean acres collectively by more than 5 million acres from last year.

The USDA now projects corn acres at 87.03 million, up from 85.98 million last year and the second-highest total since 1946. In the USDA’s July 10 Supply & Demand report, project

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