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USDA Acreage Report Promise Ample Supply

June 30, 2016 at 19:25 by Vladimir Vyun

The US Department of Agriculture released its acreage estimate for domestic corn, soybeans, and wheat. The report showed robust planting that should add to already ample supply. Yet only corn dropped following the release while soybeans jumped. Wheat had also fallen initially but has bounced as of now.

US farmers planted 94.1 million acres of corn, up 7% from the last year, whereas forecasters promised a decrease from the March’s estimate of 93.6 million. The acreage for soybean was at the record 83.7 million acres but it was still slightly below the experts’ estimate of 83.8 million. The total planted area for wheat was at 50.8 million acres, down 7% from 2015, but above the analysts’ median estimate of 49.9 million.

Futures for delivery of corn in September sank as much as 3.24% to $3.655 per bushel as of 19:17 GMT on CBoT today. On the other hand, November soybean surged 3.66% to $11.5325 per bushel. September contract for wheat ticked up 0.22% to trade at $4.455 per bushel after touching the lowest level since April intraday.

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