For the second time in less than two months, overly aggressive market expectations for the U.S. corn crop tanked Chicago corn futures on Monday when the U.S. Department of Agriculture published its latest round of reports.
According to a report at Reuters, analysts did not think it was possible for U.S. farmers to have planted as many acres as were reported on Monday as excessive spring rains led to the most delayed corn planting season perhaps ever. But data has been increasingly supportive of a higher corn acreage than everybody thought.
If market participants do not reframe their approach to this year’s unique U.S. growing season and at least remain open to the possibility of larger production, all subsequent USDA reports are likely to be super bearish and will continue to suppress corn futures.
Read the full article at Reuters.
