Now that the U.S. planting season is under way, we may start to get a better indication of actual acres. In the USDA's March planting intentions report, U.S. acres were projected at 91 million for corn, 89.5 million for soybeans and 47.4 million for wheat. 

These compare to last year’s plantings of 93.4 million corn acres, 87.2 million soybean acres and 46.7 million wheat acres. High input costs for corn are the primary reason for reduced plantings, but so is a...