Corn Planting at 77-Year High
The planned soybean planting totals 77.1 million acres, which is lower than the planted acreage last year and sharply below expected levels. Soybean inventories are high right now, at 999 million bushels, so the lower planting should help prop up prices.
As for corn, the massive planned planting comes in response to last year’s drought, even though current inventories of corn are higher than expected. The combined effect of the higher inventory level and the larger planned planned pounded corn prices today.
The Teucrium Corn fund (NYSEMKT: CORN) lost 6.5% today, now trading at $41.14 in a 52-week range of $35.23 to $52.71.