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Corn futures plunged after the US, the top producer, said its sowings of the grain would be far higher than thought this year, at the expense of soybeans and, in particular, wheat.
US farmers will sow 93.6m acres with corn this year – the third biggest area since World War II, the US Department of Agriculture said, following a survey of growers.
The figure was well above the figure of 90.0m acres that the USDA had pencilled in last month in initial estimates, and indeed which brokers had expected would be confirmed in today’s report.
And it represents an increase of 5.6m acres on last year’s sowings, an increase which – assuming farmers carry out their seeding plans – would be the biggest in a decade.

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