30 June 2011 15:15 [Source: ICIS news]
HOUSTON (ICIS)--US corn futures looked to open lower in commodity trading on Thursday as the US Department of Agriculture (USDA) reported corn planted acres at 92.3m acres (37.4m hectares), a 5% increase on 2010.
Acreage for all other major crops is down from last year with the exception of cotton, which is 25% above last year’s level.
Analysts had projected corn acreage of 89.5-91.5m acres on fears that rain and floods in the US Midwest would trim plantings.
The USDA estimates that 84.9m acres of corn will be harvested, up by 3.4m acres from 2010.
Soybean acres are estimated at 75.2m acres, down by 2.2m from last year.
The USDA projected that 74.2m acres are to be harvested, down by 2.4m acres from last year’s harvested crop.
All cotton planted acres were estimated at 13.7m, up by 25% from 2010.
The USDA’s estimates of planted acreage were developed from surveys of growers taken in early June, before flooding in the northwestern Corn Belt swamped several million acres of farmland in North Dakota, South Dakota, Minnesota and elsewhere.
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