Corn Prices Are Popping

Corn prices are surging after U.S. farmers said they expect to plant the lowest corn acreage since 2010.

That’s because inventories in the world’s biggest grower and exporter jumped 30 per cent from a year earlier.

Acreage is estimated to hit 91.691 million, down from 95.365 million a year earlier, according to a survey of more than 84,000 growers released today in Washington, Bloomberg said.

Analysts surveyed by Bloomberg estimated 93.014 million, on average.

Here’s how corn reacted to the news:

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.