GRAINS-Corn plunges on larger-than-expected USDA acreage estimate

* Dec corn hits one-year low on USDA acreage surprise
    * New-crop soybeans ease on good weather, lower corn
    * Old-crop corn, soy underpinned by tight stocks
    * Wheat falls for seventh straight session, hits 1-year low

 (Updates with details, quotes, updates prices, adds weekly,
monthly, quarterly performance)
    By Karl Plume
    CHICAGO, June 28 (Reuters) - U.S. futures for corn to be
harvested this autumn plunged more than 4 percent on Friday,
hitting the lowest point in a year, after the U.S. Department of
Agriculture said farmers have planted 2 million more acres of
the crop than expected.
Favorable crop weather around the Midwest reassured investors that the fall harvest could be the largest ever, boosting U.S. stocks to 2 billion bushels by the end of next season and replenishing 16-year low stocks this summer. Soybean futures for autumn-delivered supplies slid more than 1 percent on good crop weather and on spillover pressure from sinking corn, shrugging off a USDA plantings estimate that was 200 million acres below trade expectations. Wheat futures on the Chicago Board of Trade (CBOT) slipped to a one-year low on harvest pressure, falling for a seventh straight session in the longest losing streak for the spot contract in 3-1/2 years. "The corn number coming in higher than March intentions is a shocker here. Two million acres above expectations is considered bearish," said Joe Vaclavik, president of Standard Grain. "We were a bit lighter on acreage in beans, and stocks came in a little below expectations," he said. Based on a survey of 70,000 farmers, the USDA pegged corn plantings at 97.379 million acres, 2 million acres, or 2 percent, more than expected by analysts. Soybean plantings were a record 77.728 million acres, up 1 percent from last year, but 200,000 acres lower than the average forecast.
Nearly ideal corn and soybean growing weather is expected in early July in the U.S. Midwest, with moderate temperatures and occasional showers likely, an agricultural meteorologist said on Friday. "It looks real good for the next two weeks, there will be regular showers and cooler temperatures in all areas," said Andy Karst, meteorologist for World Weather Inc. Tighter-than-anticipated old-crop stocks of corn and soybeans underpinned nearby contracts of both commodities, though gains were restrained by deferred-month declines. "Old-crop corn stocks and old-crop bean stocks are still going to remain razor tight. But the new crop production potential and the good weather trumps the stocks," said Don Roose, president of U.S. Commodities. USDA pegged the June 1 U.S. corn stockpile at 2.764 billion bushels, below the average trade view of 2.845 billion, and soybean stocks at 718.3 million bushels, below the 745-million-bushel trade outlook. CBOT July corn dipped 3-1/4 cents to $6.64 a bushel by 12:33 p.m. CDT (1733 GMT). The spot contact remained on pace for its first monthly gain in five months, but a third consecutive quarterly loss. New-crop December corn fell 23-3/4 cents to $5.14-3/4 a bushel, a 4.4 percent decline that was the largest since March
28, when USDA released its first acreage forecast of the season. The contract fell as low as $5.11 a bushel, matching the lowest level in a year. July soybeans gained 20-1/2 cents, or 1.3 percent, to $15.69 a bushel, the highest point for a spot contract since October and on pace for a more than 5 percent weekly gain, the largest in 11 months. It was also poised for a third consecutive monthly gain and the strongest quarter in five. New-crop November dropped 18-1/4 cents, or 1.4 percent, to a one-month low of $12.57 a bushel. CBOT July Wheat fell 9-1/2 cents, or 1.4 percent, to $6.54 a bushel, the lowest level for a spot contract since June 20, 2012. The contract has declined 7.5 percent in its seven-session slide. Spot wheat was on pace for its steepest weekly decline in nearly 13 months, the largest monthly decline since February and the third straight quarterly drop. Prices at 12:49 p.m. CDT (1749 GMT) LAST NET PCT YTD CHG CHG CHG CBOT corn 664.50 -2.75 -0.4% -4.8% CBOT soy 1572.25 23.75 1.5% 10.8% CBOT meal 487.70 8.10 1.7% 16.0% CBOT soyoil 46.29 -0.11 -0.2% -5.8% CBOT wheat 654.50 -9.00 -1.4% -15.9% CBOT rice 1579.00 29.00 1.9% 6.3% EU wheat 194.25 -2.50 -1.3% -22.4% US crude 97.07 0.03 0.0% 5.7% Dow Jones 14,980 -44 -0.3% 14.3% Gold 1228.41 28.92 2.4% -26.6% Euro/dollar 1.3005 -0.0030 -0.2% -1.4% Dollar Index 83.2220 0.3200 0.4% 4.3% Baltic Freight 1171 20 1.7% 67.5% (Additional reporting by Sam Nelson and Julie Ingwersen, editing by Jim Marshall, Sofina Mirza-Reid and Peter Galloway)

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