June 28, 2019 / 4:21 PM / 22 days ago

U.S. farmers plant more corn, fewer soybeans than expected despite floods

CHICAGO, June 28 (Reuters) - U.S. farmers planted more corn than expected despite heavy rains and flooding that market watchers had said kept farmers out of the fields for much of the spring, the U.S. government said on Friday.

Soybean acreage came in below forecasts, however. Analysts had expected that farmers had boosted their soybean acres due to the corn planting delays.

The U.S. Agriculture Department’s annual acreage report showed that farmers seeded 91.7 million acres of corn and 80.0 million acres of soybeans.

That compares to the government’s March forecasts of 92.8 million corn acres and 84.6 million soybean acres.

Analysts had been expecting the acreage report to show that farmers had planted 86.6 million acres of corn and 84.4 million acres of soybeans, according to the average of estimates given by analysts in a Reuters poll.

Chicago Board of Trade soybean futures rallied sharply after the report was released. Corn futures which had been trading slightly higher before the report was released, sank 2.8% to their lowest in more than two weeks. (Reporting by Mark Weinraub; Editing by Richard Chang)

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