The number of abandoned acres were “in the ballpark of the range we were putting out,” Kohake added. “Everybody knew it was going to be a big jump.”

Corn prices have been plunging over the past year on an anticipated bumper crop year after the worst drought in over 50 years decimated crops last year. [Grain ETFs Fall as Traders Anticipate Record Crop Yields]

Teucrium Corn Fund

For more information on corn, visit our corn category.

Max Chen contributed to this article.