Chicago corn futures fell nearly 6% on Monday, on track for the biggest drop in more than three years, after the U.S. Department of Agriculture forecast a bigger-than-expected harvest, reports Reuters.
The USDA forecast the 2019/20 corn crop at 13.901 billion bushels, above the 13.875 billion bushels expected in July.
A Reuters poll of analysts had predicted a USDA forecast of 13.193 billion bushels.
The USDA resurveyed farmers following wide criticism of a June report on how many acres of corn would be planted. Its new survey showed farmers had planted 90.0 million acres, well above the 80.05 million acres in the June poll.
