USDA estimates this year's soybean acreage at 77.13 million acres, lower than the range of trade expectations and a slight decrease from last year.
Corn acreage, on the other hand, matched the average trade guess at 97.28 million acres, according to USDA's Prospective Plantings report released at 11 a.m. CDT on Thursday, March 28.
USDA's estimate of corn stocks as of March 1 came in at 5.4 billion bushels, above the highest trade estimate, and down 10% from March 2012.
Soybean stocks totaled 999 million bushels, within the range of trade estimates but slightly on the high side. It's a 27% decrease from last March.
All wheat acres were estimated at 56.44 million acres. USDA expects farmers to plant spring wheat on 12.7 million acres, in line with trade estimates. Wheat stocks came in at the high end of pre-report estimates at 1.234 billion bushels.