USDA sees more corn
USDA has an astounding estimate for planted corn acres today: 97.4 million acres, up slightly from last year. This is above the top end of analysts' expectations of 96.4 million acres and well above average prereport guess: 95.34 million acres. USDA says this is the most planted since 1936.
Soybean planted area for 2013 is estimated at a record high 77.7 million acres, up 1% from last year.
All wheat planted area for 2013 is estimated at 56.5million acres, up 1% from 2012.
The big loser in acreage is cotton: down 17% from 2012 at 10.3 million acres.