A 1.5 million acre reduction in U.S. corn acres was forecast by Allendale Inc. on Friday. If realized, that would be the biggest one year reduction since 2001. For corn usage, a 2.871 billion bushel estimate would be the second largest since the 1998/1999 marketing year. However, March 1 stocks are the largest since 1988 when 7.636 billion in stocks were reported.

For soybeans, the U.S. would see its third-largest soybean acres due to a 2.06 million acre estimate. If realized, that would create the largest one year increase since 1997. Allendale estimated 2nd quarter soybean usage of 839 million bushels, less than the five-year average of 879 million bushels. This leaves the largest March 1 stocks in history.

The total wheat acres were estimated at the second lowest since 1972. Plus, the 3rd quarter wheat usage of 466 million bushels is just over the five year average of 448 million bushels.

A 1.5 million acre reduction in U.S. corn acres was forecast by Allendale Inc. on Friday. If realized, that would be the biggest one year reduction since 2001. For corn usage, a 2.871 billion bushel estimate would be the second largest since the 1998/1999 marketing year. However, March 1 stocks are the largest since 1988 when 7.636 billion in stocks were reported.