Corn, soy sowings beat USDA estimates, data signal
Data from the US officials dealing with distribution of farm support cash signals that corn and soybean sowings may have been higher than current estimates show, a factor seen adding to pressure on prices.
The Farm Service Agency lifted by more than 800,000 acres to 93.8m acres its figure for US corn sowings for the forthcoming harvest.
While lower than the US Department of Agriculture’s official forecast of 96.4m acres, the FSA figure, gauged by farmers’ returns to the agency, does not reflect all plantings.
Some farms, particularly larger ventures, chose not to enrol in FSA programmes, and so go uncounted in its data.