CBOT corn futures climb after USDA forecasts farmers planting fewer corn acres
CHICAGO, March 31 (Reuters) - Chicago Board of Trade corn futures turned higher on Tuesday after the U.S. Department of Agriculture projected U.S. farmers would plant fewer corn acres this spring and grain stocks data showed robust demand, market analysts said.
Farmers intend to plant 95.338 million acres of corn, down from 98.788 million acres last year and the lowest in two years, the U.S. Department of Agriculture said in a prospective plantings report.
Analysts polled by Reuters expected 94.371 million acres.
CBOT March corn CH26 settled 2 cents higher at $4.57-3/4 per bushel.
The report was USDA's first survey-based U.S. crop acreage estimate of the year. The survey collected data on farmer planting decisions from the first couple of weeks of the Iran war, which has driven up both fertilizer and fuel prices.
Corn and wheat require more costly fertilizer, making them less attractive than soybeans to growers after the U.S.-Israeli war with Iran disrupted global shipments.
The agency also published its quarterly grain stocks data, which showed that U.S. stocks of corn as of March 1 were up from a year ago - but again, were below trade estimates.
