Acreage figures send grains higher
Category: Grains
(Agriculture.com) – U.S. corn futures gained 2.3% after a Department of Agriculture report showed the number of acres that farmers were unable to plant due to rainfall during seeding increased from an August estimate.
Growers were unable to plant 3.57 million acres of corn this year, the USDA said in a report on Tuesday. That’s up from 3.41 million forecast last month. Still, total area planted with corn was pegged at 91.4 million acres, up from 88.8 million expected in August, according to the government.
With electronic trading paused until the open outcry session starts at 9:30 a.m. EDT, Chicago Board of Trade corn for December delivery was up 10 1/4 cents at $4.66 3/4 a bushel.
CBOT November soybean futures were up 16 3/4 cents, or 1.2%, at $13.65 a bushel.
Wheat futures for December delivery at CBOT rose 6 3/4 cents, or 1.1%, to $6.48 a bushel.
