Chicago Board of Trade (CBOT) corn price moved upwards in the past few days.
Following the announcement of the United States Department of Agriculture’s (USDA’s) Acreage Report on Tuesday, June 30, CBOT corn for July closed at 338.50c/bu.
The rise in price will most likely see the remaining corn levy removed from US product entering the EU.
On April 27, a levy of €5.27/t was placed on US corn and this was later increased to €10.40/t. Once prices increased the levy decreased to €4.65/t and the recent price hike is expected to see it removed.
84 million acres of corn are expected to be harvested for grain. This is an increase of 3% from last year.
92% of the crop planted in the US is made up of biotech varieties. This is unchanged from last year.
Soybeans
The acreage report estimated soybean area at 83.8 million acres. The harvested area of soybeans is estimated at 83 million acres, an increase of 11% from last year.
94% of all soybeans planted were herbicide resistant seed varieties. This is unchanged from 2019.
Wheat
“All wheat” area planted is estimated at 44.3 million acres. That’s a decrease of 2% from last year. According to the report this is the lowest area of “all wheat” planted since records began in 1919.
Winter wheat area is estimated at 30.6 million acres. Spring wheat area is estimated at 12.2 million acres, while durum wheat area is estimated at 1.5 million acres.