Corn price drops by market's maximum on USDA forecast of second-largest crop in over six decades

We don't usually track daily market activity, but when the corn price on the Chicago Board of Trade drops by the board's maximum of 30 cents a bushel on a Department of Agriculture forecast of higher corn production, it's worthy of note. "USDA’s planted acreage estimate was larger than expected, up from March and 1 percent more than a year ago. To say that was a surprise following the wet spring would probably be an understatement," John Perkins reports for Brownfield Network. (Read more)

The forecast and price drop will mean "a windfall of lower feed prices for livestock producers," reports Rita Jane Gabbett of MeatingPlace. "This is about the best news the hog industry has had all year long," University of Missouri livestock economist Ron Plain told Gabbett.

"At 87 million acres, this would be the second-largest corn acreage in more than 60 years," Gabbett writes. "USDA also estimated farmers sowed a record-high 77.5 million acres to soybeans, up 1.8 million acres from last year and up 1.5 million acres, or almost 2 percent, from the March planting intentions forecast." (Read more)