US farmers intend to lift corn sowings to the second-highest level since World War 11, encouraged by high prices, which looked set for a jump on Thursday after the country revealed its supplies were even tighter than traders had thought.
Growers in the top corn-producing country are planning to sow an extra 4m acres with the grain, taking the total to 92.18m acres, an area beaten only once since the 1940s, the US Department of Agriculture said.
The estimate was slightly higher than the market had expected, and came in part at the expense of soybeans, for which sowings were pegged at 76.6m acres, a decline of 800,000 acres.
However, ideas that additional acres easing the squeeze in US corn supplies were countered by separate statistics showing that American stocks of the grain were, at 6.52bn bushels, even lower than the market had thought, by nearly 170m bushels.
For more, see: Corn prices 'to surge', despite jump in US sowings