USDA released the much anticipated Prospective Plantings and Grain Stocks reports on Friday morning.
Soybean acreage is expected to be up seven percent from last year at a record high 89.5 million acres. Compared with last year, planted acreage intentions are up or unchanged in 27 of the 31 estimating states. Corn planted acreage is down four percent from 2016 and all wheat acreage is down eight percent.
For stocks, corn is up 10 percent from March 2016 with soybean stocks up 13 percent and all wheat stocks 21 percent higher.