When the USDA releases its planted acreage estimate Wednesday morning, traders expect to see more corn and soybean acres—and less spring wheat.
The average pre-report estimate puts corn acres at 89-point-two million—up about 400 thousand from the March prospective plantings report—and the highest since 1945. Soybeans acres are pegged by the trade at a record large 78-point-one million acres—up less than 100 thousand acres from March. Spring wheat acres are expected to be about 200 thousand below March intentions.
There is, however, some uncertainty as to how those numbers will play out. Some analysts believe the early start to corn planting may mean more corn acres were planted. However, a nationwide email survey of farmers in the Farm Journal database indicates a drop in corn acreage and an increase in soybean acreage. AgWeb pegs U.S. corn acreage at 88-point-four million and soybeans at 78-point-seven million acres.
The USDA will also release updated quarterly grain stock estimates.
Latest: 
