June 23, 2008
Informa's optimistic forecast on US corn plantings surprises traders
Private analytical firm Informa Economics on Friday raised its estimate for 2008-09 US corn plantings to 87.399 million acres from 87.2 million last month, traders said.
The USDA in March projected corn would be planted on 86.014 million acres.
Informa pegged 2008-09 US. soy acreage at 73.268 million acres, compared to 73.3 million in May, traders said. The USDA's March estimate for soy planting was 74.793 million acres.
CBOT floor traders said they were surprised Informa increased its corn acreage estimate following flooding in the Midwest.
The USDA is scheduled to release updated acreage estimates June 30.
