28 March 2013 20:23 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--US farmers this year will plant their most corn acres since 1936, the US Department of Agriculture (USDA) said on Thursday in its annual plantings and quarterly stocks reports.
The USDA reported that farmers intend to plant 97.3m acres of corn this year, up slightly from last year’s 97.2m acres.
Record corn acreage is expected in Arizona, Idaho, Minnesota, Nevada, North Dakota and Oregon, the report said.
But some Corn Belt states will continue to be affected by the worst drought since the 1950s, with slightly less planted acreage expected, the report said.
Inventories of corn on 1 March fell to 5.399bn bushels in the US, mostly because last year’s drought cut output, the federal agency said.
Traders were surprised by the bigger stockpile of corn.
Many market analysts expected inventories to be lower at around 5bn bushels, according to traders.
Traders said demand was down because of high corn prices.
The worst drought in five decades last summer reduced corn yields at harvest and also sent futures to a record-high of $8.49/bushel in August 2012.
On Thursday, corn declined, down 40 cents to close at $6.952/bushel.
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