U.S. farmers will plant 97.28 million acres to corn this year, the highest since 1936, and 77.13 million acres to soybeans, down slightly from 2012, according to the Agriculture Department's Prospective Plantings report March 28.
Traders instead focused on larger-than-expected figures in a separate report March 28, the USDA's quarterly Grain Stocks, DTN Senior Analyst Darin Newsom said. CME Group corn, soybean and wheat futures fell sharply in response.
"Corn quarterly stocks were viewed as bearish, coming in well above the average pre-report estimate," Newsom said. "Soybeans were neutral to bearish."
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