Corn falls on new report by US Department of Agriculture

Corn prices fell during trading today after a new research report from the US Department of Agriculture raised speculations about increased supply of the crop in the markets.

US farmers planted corn crops at a faster pace than last year and a total of 91.7 million acres of maize were cultivated this year, according to the report.

This means that the maize area is equivalent to almost 69 million football stadiums, up by 3 percent from 2018, and that area outweighed the amount of soybeans grown.

The report pointed out that increased supply of maize might be driving prices down, especially with the continuation of the trade war and fears of escalation.

US President Donald Trump has said it is still a long way to go before talking about a trade deal with China, noting that the latter has not complied with its US agricultural purchases during the negotiations.

In terms of trade, by 14:07 GMT, maize prices fell by 1.1% to $423.2 per bushel, with the day's highest at $426.7 and the lowest at $421.5.