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The fall in prices was sparked by an acreage report from the US Department of Agriculture (USDA) that increased previous estimates for how much grain has been planted this year.
The Midwest endured a wetter spring than usual that pushed back corn planting, particularly in Iowa, the biggest producing state in the union, but greater-than-expected planting in several other states, including Texas and Michigan, has offset this, meaning farmers are on-track to produce a record corn harvest this year.
Today’s report said that famers planted 97.4 million acres of corn, the greatest amount since 1936. Soyabean acreage climbed to a record 77.73 million, while wheat came to 56.53 million acres, the most in four years.
Such a large amount of corn being planted implies more corn may reach the market than previously thought. The potential for bigger harvests has pressured grain prices: corn is down for the seventh trading day in a row.