USDA's Acreage Surprises Spark Market Surge
The USDA's Acreage and June 1 Grain Stocks reports revealed that farmers planted 94.1 million acres of corn, the highest since 2013 and the third highest since 1944. Soybean acreage is pegged at 83.5 million acres, 5% lower than last year. The grain stocks estimates indicate a decrease in corn and soybean stocks compared to last year.