The USDA Prospective Plantings and Quarterly Stocks Report was a mixed bag for the market. Corn acreage was just shy of 90 million acres, four million below 2016. Brian Basting with Advance Trading says with the corn soybean ratio favoring soybeans some producers elected to shift some corn acreage, especially corn on corn. He says that figure was just a touch friendly.

However, he says the quarterly stocks figure for corn was bearish at 8.6 billion bushels.

Basting says USDA pegged soybean acreage at a record large 89.5 million acres and up nearly 7.25% over 2016.

He thinks the carryover figures was even more bearish though at 1.735 billion bushels. That was 13% higher than last year and 60 million bushels above estimates.

Wheat acres were the lowest since the early 1900s with less farmers in the Dakotas planning wheat due to the negative profit margins. He says those acres will be switched mostly to soybeans.

Quarterly stocks for wheat were also bearish at 1.66 billion bushel, up 21% from 2016.