GRAINS-Bigger US plantings push wheat to 6-yr low, corn to 11-wk low
* USDA increases estimates for domestic wheat, corn, soy acres
* Soybean plantings fall short of analysts' estimates
* Traders watch for weather that could threaten crops (Adds USDA data, latest prices)
By Tom Polansek
CHICAGO, June 30 (Reuters) - U.S. wheat futures touched a six-year low on Thursday and corn hit an 11-week low after the U.S. Department of Agriculture said farmers had planted more of the grains than expected.
Soybean futures soared to their highest level in two weeks as plantings and crop inventories fell short of analysts' estimates.
The USDA, in an acreage report, said domestic all-wheat plantings totaled 50.816 million acres, topping forecasts for 49.869 million and the agency's March estimate of 49.559 million acres. Corn seedings were 94.148 million acres, above the high end of estimates from analysts who on average had expected acreage to fall from the government's March forecast of 93.601 million.
The robust plantings will likely add to an ample supply base of grains.
The USDA, in a separate quarterly stocks report, showed that corn inventories as of June 1 were the biggest since 1988 while soybean stocks for that period were the third-biggest ever. Continuación...