Even with the 2016 corn (maize) harvest still ongoing in the US, early noises are beginning to emerge around a likely fall in US corn sowings for next year. CF Industries, the nitrogen fertiliser group, has said that 2017 corn sowings in the US could post their sharpest year-on-year drop in almost a decade.

Last year, US farmers planted more than 94m acres in corn, the highest area planted in corn since 2013 and the third-highest acreage since World War II. The US corn harvest is expected in at a massive 383m tonnes this season.