Corn and Soybeans both reached limit up (halted to the upside) following lower than expected preliminary acreage estimates.  

Soybeans limit up- +5.12% 

Corn limit up +3.74%

Wheat is still trading but is currently up +3.74%

Corn is estimated around 91 million acres which is lower than the estimated of around 93 million acres.

The USDA report stated “Corn planted area for all purposes in 2021 is estimated at 91.1 million acres, up less than 1 percent or an increase of 325,000 acres from last year. Compared with last year, planted acreage is expected to be up or unchanged in 24 of the 48 estimated States.”  

“Planted acreage for 2021 is expected to be up or unchanged from 2020 in 24 of the 48 estimating States. Record high acreage is expected in Idaho and Oregon. Record low acreage is expected in Massachusetts and Rhode Island. Acreage increases from last year of 100,000 or more are expected Louisiana, Mississippi, North Dakota, South Dakota, Tennessee, and Wisconsin,” comments in the USDA report.

Soybeans is estimated around 87 million acres which is lower than the estimated numbers of around 89.9 million acres. Soybeans reached limit up as trading halted for the day following the report. 

The USDA report stated, “Soybean planted area for 2021 is estimated at 87.6 million acres, up 5 percent from last year. Compared with last year, planted acreage is up or unchanged in 23 of the 29 estimating States.”

Comments in the USDA report on soybeans, “Growers intend to plant 87.6 million acres in 2021, up 5 percent from last year. Compared with last year, planted acreage intentions are up or unchanged in 23 of the 29 estimating States. Increases of 250,000 acres or more are anticipated in Illinois, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, and Wisconsin. If realized, the planted area in Kentucky, Pennsylvania, South Dakota, and Wisconsin will be the largest on record.” 

Wheat continues to trade as it has not reach limit up yet. Wheat is trading higher on the day even though it actually reported higher than estimated acreages. The USDA report coming in around 46 million acres while the estimated numbers were around 45 million acres.

The USDA report stated, “All wheat planted area for 2021 is estimated at 46.4 million acres, up 5 percent from 2020. This represents the fourth lowest all wheat planted area since records began in 1919. The 2021 winter wheat planted area, at 33.1 million acres, is up 9 percent from last year and up 3 percent from the previous estimate. Of this total, about 23.2 million acres are Hard Red Winter, 6.42 million acres are Soft Red Winter, and 3.48 million acres are White Winter. Area expected to be planted to other spring wheat for 2021 is estimated at 11.7 million acres, down 4 percent from 2020. Of this total, about
10.9 million acres are Hard Red Spring wheat. Durum planted area for 2021 is expected to total 1.54 million acres, down 9 percent from the previous year.”