After suffering from a supply glut that has dragged on grain prices, U.S farmers plan to plant less corn and soybeans this year, bolstering soft agricultural commodities and related exchange traded funds.
On Thursday, the Teucrium Soybean Fund (NYSEArca: SOYB) jumped 2.0% and Teucrium Corn Fund (NYSEArca: CORN) surged 3.2%.
Meanwhile, CBOT corn futures increased 3.0% to $3.8475 per bushel and CBOT soybean futures gained 2.3% to $10.41 per bushel on Thursday.
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According to the U.S. Department of Agriculture, soybeans will cover 89 million acres in 2018 and corn will be planted on 88 million acres, which each came in well below the lowest prediction of many analysts, Bloomberg reports. This is also the first time soybean acres planted have exceeded corn acreage in the past 35 years.