Commodity Firm Cuts Planting Estimates For Corn, Soybeans
The Linn Group Wednesday lowered its forecast of U.S. 2011 corn plantings to 87.233 million acres, from its May 18 estimate of 89.538 million.
The Chicago commodity research and brokerage firm also cut its estimate of U.S. 2011 soybean plantings to 74.894 million acres, from its mid-May estimate of 75.094 million.
USDA is scheduled to release updated acreage estimates on June 30.
By state, the firm cut corn plantings in Indiana by 600,000 acres from its May 18 forecast, cut 400,000 acres in Ohio and Michigan, 300,000 acres in Minnesota, 200,000 in South Dakota and Wisconsin, and 100,000 in Illinois.