The grain markets have moved in different directions since the USDA released their first 2024-25 farmer surveyed acreage numbers in the U.S. last week. Soybean futures have reacted lower while wheat and corn futures have moved higher. Makes sense as the initial survey showed domestic corn acres (5 percent) and wheat acres (4 percent) down from prior crop and soybean plantings up 3 (think Aaliyah Edwards) percent. As the chart shows, total acreage is down from the previous crop. Funny what big year to year declines in grain prices will do, eh?
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