USDA’s estimates of planted acres for corn and soybeans were lower than trade expectations in the Prospective Plantings report. That puts the balance sheet in rationing mode and fuels the bullish outlook for the grain markets. The USDA Prospective Plantings report has corn planted acres estimated at 91.1 million acres, an increase of one percent from last year, but at least one million acres lower than the trade expected. The soybean planted area is forecast at 87.6 million acres, an increase of five percent from last year, but lower than the average 90-million-acre trade estimate.
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