US corn sowings this year will drop by more than 3m acres, although this will be insufficient to prevent prices of the grain falling to five-year lows – as will values of soybeans and wheat too.
The US Department of Agriculture, in its first formal forecasts for crop sowings for the 2014 harvest, pegged corn plantings at 92.0m acres.
While well down on the 95.4m acres sown last year, it still represents a historically high figure, the fourth largest since World War II, putting the potential for a record harvest on the cards.
And it looks set to depress US corn prices to an average of $3.90 a bushel in 2014-15, down $0.60 on that expected this season, and the lowest since 2009-10.
(Source – http://www.blackseagrain.net/novosti/corn-prices-to-fall-despite-drop-in-sowings-usda)