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Planting Report Boosts Grain Markets

The Grain Stocks and Prospective Plantings reports were released by the USDA on Thursday.

Corn is up three percent from last year, totaling 8.89 billion bushels. Soybeans are up 21 percent at 2.11 billion bushels. Wheat stocks are down 10 percent, totaling 1.49 billion bushels.

Corn planted acreage is estimated down two percent from last year at 88 million acres. Corn acreage intentions are estimated to be lower or unchanged in 33 of 48 states.

And soybean planted acreage is overtaking corn, estimated at 89 million acres, down one percent from last year. Soybean acreage intentions are down or unchanged in 20 of 31 states.

While wheat is up three percent from last year, about 47 million acres, the second lowest acreage on record. Cotton is up seven percent, at 13.5 million acres.

Those reports shook up the grain markets, both corn and beans rising sharply and ending the day in double digits.

Don Roose with U.S. Commodities says the Prospective Plantings report caught the grain markets by surprise, "It was a negative report for the stocks number, a positive report for the acres number and focusing on the acre number to the upside."