iNVEZZ.com Monday, July 1st: Grain futures have been mixed today, with corn futures falling to their lowest level in two and a half years after the U.S. Department of Agriculture (USDA) estimated that farmers would plant more corn this year than previously expected.
Market analysts had expected the USDA to cut its forecast for corn area to 95.3 million acres from the March estimate of 97.3 million acres. Yet the latest report, released on Friday, showed that corn acreage will total 97.4 million acres in the current market year, the most since 1936 and up slightly from last year. The forecast has weighed on the corn price, which plunged nearly five percent on Friday.
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"Today corn has continued to slump and as of 12:44 GMT futures for September delivery on the Chicago Board of Trade (CBOT) stood at £5.4513 a bushel, down 0.36 percent on the day. Earlier, the contract fell by as much as one percent to hit a session low of $5.4163 a bushel, the weakest level since November 23, 2010. CBOT corn for December delivery has also declined considerably, standing at $5.0650 a bushel, down 0.88 percent on the day.
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