Analysts said: the loan rate is leading to the increase of corn and wheat area in the United States

Introduction: osterdowjones, Chicago, June 28 news: the USDA made another amazing move on Friday, which surprised most traders It is expected that the corn planting area in 2002 / 03 will reach 78.947 million mu, while the soybean planting area will only reach 72.993 million mu, which is basically the same as the data in the planting intention report in March According to CBOT floor brokers, USDA's data and the market's expectations differ by 18000 miles That is to say, the market has been expecting that the corn planting area will decrease and the soybean planting area will increase since the USDA planting intention report was issued in March, and the report on Friday means that the market will have to correct its own basis for judging the market What's most amazing is that just two weeks ago, the U.S Department of agriculture lowered corn acreage to 78 million acres and increased soybean acreage to 73.5 million acres But according to a CBOT broker, Friday's figures fully reflect the impact of the new U.S agricultural law on corn and soybean planting, with the loan rate for soybeans lowered and the loan rate for corn increased The broker said: 'we have heard that many farmers in the western region have increased their corn planting area due to the agricultural act In addition, the wheat planting area has increased, which is currently expected to reach 15.963 million mu, reflecting the impact of the increased loan rate However, although the increase of corn planting area is bad for the market, some analysts say that the market will soon turn its attention to the weather, especially because the weather in the corn planting belt is hot and dry in the next 10 days or so The weather will damage crop growth, and farmers in some parts of the Midwest have begun to report high temperatures and droughts causing corn to curl.