Argentina’s farmers cut wheat planting

Argentine farmers have planted their second-smallest wheat crop by land area in 110 years while the upcoming corn crop in the important exporter could be as much as a fifth lower in the coming season as a result of dry conditions.

Commodity markets are closely watching planting intentions in the southern hemisphere, especially Argentina, Brazil and Australia, as the region will be key to offsetting a shortfall created by the worst drought to hit the US farm belt in half a century.