The latest crop stocks report from the United States Department of Agriculture shows the US corn harvest is expected to be much bigger than first expected.

The USDA predicts the country will produce about 3.3 million tonnes of corn, which is almost 30 per cent higher than last year's crop.

Senior grains market analyst for Daniels Ag Services in Chicago, John Payne says corn prices have already dropped.

He says it's unlikely that Australian wheat prices will be affected any time soon.

"From a wheat perspective, we've seen actually less acres and the wheat we have, the hard red winter wheat is very short in supply, and that's the wheat that everybody pretty much likes to use," he said.

"That isn't going to be available very much so that's going to keep the Australian hard (wheat) prices high."

 

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