Well above the average trade guess, the USDA puts the corn crop at 81 (M) million acres,. The increase can be attributed to good planting conditions, above normal temperatures and light rainfall in the Corn Belt.
The soybean crop -- at 74.8 (M) million acres is less than earlier forecast, but still at a record-breaking level. North Dakota planted an additional 550,000 acres for a state record-high of 3.7 million acres, while states such as Illinois and Indiana saw large declines.
The winter wheat total was 59.9 million acres ... above the average trade estimates. The USDA also raised acreage forecasts for both the other spring and winter wheat varieties.
In its quarterly grain stocks report, the USDA estimates corn stocks at 2.97 billion bushels, down slightly from the carryover stock numbers reported a year ago.
Soybean carryover was within the range of trade estimates at 410 million bushels, which is a 32 percent decrease from this time last year.
Traders regarded the numbers released this week as bearish for corn and wheat and neutral for soybeans.