Corn prices ease on solid supplyCorn prices ease on solid supply

John T.
Barone

USDA’s mid-year report showed corn stocks at 3.67 billion bushels, 350 million bushels more than expected. Planted acreage was 92.2 million acres, up from 90.7 million in June’s World Agricultural Supply and Demand Estimates and 5 percent above last year. The USDA now expects a harvest of 84.9 million acres, which should result in ending stocks above 1 billion bushels, compared with 695 million in June’s World Agricultural Supply and Demand Estimates. Analysts thought late planting and flooding might prompt the USDA to reduce acreage, but high prices encouraged farmers in Nebraska, Iowa, Minnesota and Wisconsin to plant 1.1 million more acres than intended, offsetting losses from flooded acreage elsewhere. Corn futures, whi...