Corn Falls to 17-Month Low in Record Trading on Acreage Outlook
- USDA's planting estimate tops all estimates by analysts
- Forecast seen as `shock to the system' amid high reserves
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Corn futures tumbled to the lowest in 17 months after a U.S. government report showed that farmers plan to sow 93.6 million acres of the grain in 2016, exceeding all estimates by analysts and boosting prospects for higher supplies after the harvest.
Planting will rise 6.4 percent from a year earlier to the third-highest since 1944, according to a report Thursday by the U.S. Department of Agriculture. Farmers also told the government they intend to reduce soybean planting to 82.2 million acres from 82.65 million in 2015.