GRAINS-Bigger U.S. plantings push wheat to 6-year low, corn to 11-week low

jueves 30 de junio de 2016 14:38 GYT
 

* USDA raises estimates for domestic wheat, corn, soy acres

* Soy plantings still fall short of analysts' expectations

* Traders watch for weather that could threaten U.S. crops (Adds unofficial closing prices, analyst comment)

By Tom Polansek

CHICAGO, June 30 (Reuters) - U.S. wheat futures sank to a six-year low on Thursday and corn futures hit an 11-week low after the agriculture department said farmers had planted more of the grains than expected.

Soybean futures soared to two-week highs as plantings fell short of analysts' estimates.

The U.S. Department of Agriculture (USDA), in an acreage report, said domestic all-wheat plantings totaled 50.816 million acres, topping analysts' forecasts for 49.869 million and the agency's March estimate of 49.559 million.

Corn seedings were 94.148 million acres, above the high end of analysts' estimates. On average, they 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 of grains already in storage. The USDA, in a separate report, said corn inventories as of June 1 were the biggest since 1988 while soybean stocks for that period were the third-biggest ever.   Continuación...