USDA forecasts 2022 U.S. soybean acreage at record 91 million, corn seen at 89.5 million

USDA is projecting plantings of 89.5 million acres of corn, and if realized, a record 91 million soybean acres this year.

These numbers in the Prospective Plantings Report represent a four percent reduction for corn compared to last year and a four percent increase for soybeans.

Nearby corn futures went from trading sideways to about 25 cents higher following the report, while nearby soybean futures went from trading about 15 cents higher to 15 cents lower directly after.

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