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Corn & Wheat Decline, Soybean Rally After USDA Acreage

June 28, 2019 at 19:39 by Vladimir Vyun

Corn dropped and soybeans rallied after the US Department of Agriculture released its updated acreage estimates. Wheat joined corn in decline.

The USDA estimated that the area planted by corn was at 91.7 million acres in 2019, up 3% from the previous year. That is below the previous estimate of 92.8 million acres but above market expectations of 86.6 million acres.

Soybeans acreage was pegged at 80.0 million, down 10% from 2018. That is compared to 84.6 million acres in the March estimate and 84.4 million acres forecast by experts.

US farmers seeded 45.6 million acres by wheat this year, down 5% from a year ago.

December futures for delivery of corn dropped 4.32% to $4.3150 per bushel as of 19:32 GMT on CBoT today. Wheat for delivery in September declined 3.75% to $5.2725 per bushel. At the same time November soybeans advanced 1.18% to $9.2300 per bushel.

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