USDA increases planted corn estimate to 96M acres

ETF Database submits: Investors checking in on the Teucrium Corn Fund (CORN) yesterday may have been suspicious that another market malfunction was generating bizarre ticker readings. But Wednesday’s performance was no joke; the 8% surge came after commodity traders were shocked yesterday by a U.S. Department of Agriculture report that showed a surprisingly lower corn crop as well as sharply lower corn inventories.

By T. Marc Schober:Corn stocks were 14% below last year's levels and the lowest Q3 number since the 3.04 billion bushels in June of 1998, indicating strong global demand for corn. The USDA estimates in 2012 the U.S. will plant 96.4 million acres of corn, the most since 1937 when an estimated 97.2 million acres were planted; this came as no surprise as corn planted acres fell in line with analysts' expectations.

T. Marc Schober submits:A bullish surprise for the corn market Wednesday morning as estimated acreage planted and quarterly stocks were significantly lowered than expected. The USDA released two important reports on Wednesday, the Prospective Plantings and Quarterly Stocks of Grains.

Chris Damas submits: The USDA report this morning dropped the estimated 2011 corn crop by 305 million bushels to 13.2 billion bushels. They also reduced their estimate for feed use by 100 million bushels. Hence, the 2011/2012 estimated corn carryout has been reduced by 205 million to 695 million bushels from their May estimate of 900 million bushels. This is supportive of a higher new crop corn price. The USDA revised their estimated price for new crop corn to $6-7/bushel from $5.50/6.50 in May.

Farmers nationwide are anticipating more profit from corn than other crops this year and planted 96.4 million acres of it this spring, the most in nearly eight decades, the U.S. Department of Agriculture said Friday.

DES MOINES, Iowa (AP) -- Farmers nationwide are anticipating more profit from corn than other crops this year and planted 96.4 million acres of it this spring, the most in nearly eight decades, the U.S. Department of Agriculture said Friday....

T. Marc Schober submits:Grain prices are back in the headlines and futures prices are limit up as the USDA updated their 2011 plantings and quarterly grain stocks. The USDA expects big increases in corn, wheat, and cotton acres as farmers attempt to capitalize on high grain prices.

By T. Marc Schober:Corn, soybean and wheat prices all substantially decreased due to above average estimated quarterly stocks in today's USDA reports. The biggest surprise came with corn stocks of 5.40 billion bushels, 400 million bushels above analyst's average estimate. The Prospective Plantings Report held no surprises but continues to forecast a record corn crop. Prospective Plantings Report (click to enlarge)