The long-awaited USDA planting intentions report indicated U.S. farmers will seed more corn and wheat acres than a year ago and nearly the same number of soybean acres.

Corn acres came in at the top side of trade expectations at 92 million for the 2023-24 growing season. This was 1 million more than predicted in the USDA's Ag Outlook Forum this winter and 3.42 million more acres than last year. Soybean acres were equal...