USDA Projects More Corn

The USDA released its much-anticipated March planting intentions report this morning.

One of the main stories of the report is the lower-than-expected soybean acreage projection. The USDA projects just under 74 million acres of soybeans, which is down 1.4 percent from last year and about 1.5 million acres lower than trade expectations.

The department is projecting almost 96 million acres of corn, which is 4 percent more than last year and the largest corn area since World War II.

Wheat is expected to account for just under 56 million acres, up 2.8 percent from last year, but slightly lower than what analysts were expecting.