US corn planting estimates skyrocket: “Forget $5 corn,” say traders

In Illinois, the USDA said that 2009 US corn plantings, previously estimated at 84 million acres, had risen to 87 million in the latest estimates. The total is the second largest planted since 1946. Observers confirmed that the numers indicated ideal planting conditions west of the Mississippi and underestimations by USDA in March.

“I think they can quit worrying about $8 corn and I think they can quit worrying about $5 corn too,” Doug Harper, analyst at Brock Associates, told Reuters, referring to livestock and poultry producers.

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