Corn prices rose sharply on Friday after a government report showed U.S. corn stockpiles were down 8 percent from a the same time last year.
As of 9:30 am in Chicago, May corn was up 28.8 cents to $6.32 a bushel, taking back significant losses in the previous session.
Corn prices rebounded despite figures showing that farmers intend to plant the most corn since 1937.
On the other hand, farmers are planting less wheat than forecast by expert. The USDA projects total wheat planted area will be up only 3 percent compared to last year.
The May wheat contract rose 20.2 cents at $6.324 a bushel.
Soybean stockpiles were a bit smaller than forecast, according the USDA.
Soybeans for May delivery surged up 41.6 cents to $13.97 a bushel.
Meanwhile, with India threatening to ban cotton exports, U.S. farmers intend to plant 13.2 million acres of cotton. While the planned sowings are slightly higher than expected by analysts, this is down 11 percent from last year.
July cotton was down 0.46 cents to 93.37 cents per lb on the Chicago Board of trade.
by RTT Staff Writer
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