One of the most anticipated USDA reports of the year shocked the grain trade. The biggest surprise in the prospective plantings report is the U.S. planted corn estimate at 89.5 million acres. That’s 2.5 million acres lower than trade expectations. The USDA is forecasting a record U.S. soybean crop at nearly 91 million soybean acres. That’s slightly higher than trade expectations. All wheat planted acres are forecast at 47.4 million, slightly lower than trade expectations. Read more.
