Analysts have cut estimates of US corn sowings, saying many farmers have opted for soy instead, in a dynamic which surprised many investors.

 

Starting the countdown to much-anticipated official data due out on June 30, analysts cut by 300,000 acres to 89.3 million acres they estimate for US's corn plantings.

 

While the figure is still bigger than the USDA's initial 88.8-million-acre forecast, many investors have expected that to prove a significant underestimate given the rapid pace of US corn sowings.

 

States such as North and South Dakota, big wheat states, had only finished harvesting last year's corn crop in the spring, and had faced storage problems with "last year's poor quality crop".

 

Growers instead looked set to plant 78.8 million acres of soy, analysts said, adding 300,000 acres to its forecast despite wet weather which has held back the latter stages of sowings.

 

The figure compares with an initial USDA estimate of 78.1 million acres, and 77.5 million acres sown last year.