A shortage of a number of crops will mean the amount of corn planted in the US this year will be at a seven decade high. In theory, this will push corn prices down, and the price of wheat and soybeans up–the two latter crops with less planting planned.
But, as the recent past has shown, prices are driven by weather as much as any other factor. Droughts in the last two years in Russia and China has affected prices. The weather in the US has been unusually dry, and, at least this winter, unusually warm.
According to Reuters,
U.S. farmers will plant the most corn in 75 years to cash in on higher prices, topping expectations at the expense of soybean and spring wheat sowings
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