Corn -- less than anticipated (bullish for prices)
Expected: 87,700
USDA estimate: about 86,000
Soybeans -- more than anticipated (bearish for prices)
Expected: 71,800
USDA estimate: about 74,800
Wheat -- about as expected
Bloomberg article link
Late planting due to wet weather in the Midwest also favors increased soybean acreage over corn, since soybeans can be planted later than corn. Continued rainy forecasts will be more likely to increase soybean acreage at the expense of corn acreage even more than the USDA forecast.
