WASHINGTON (DTN) -- USDA increased its corn acreage estimate to 97.38 million acres from its March forecast of 97.28 ma, higher than the highest pre-report trade estimate.
Most analysts believed USDA would reduce acres because of the waterlogged planting progress, or lack thereof, in prime growing areas of Iowa and Minnesota. Pre-report estimates ranged from 94.2 ma to 96.4 ma.
USDA said farmers will plant soybeans on 77.73 ma, a record high. All wheat acres increased 1% from last year to 56.53 ma. Cotton acres declined 17% from last year with total planted area estimated at 10.3 ma.
USDA also ...