The long awaited planting intentions report has been released with mixed numbers. 

This year’s U.S. corn plantings are forecast at 89.5 million acres, a 4% reduction from last year’s 93.4 million acres. Soybean acres are projected at a record 91 million, a 4% increase from last year’s 87.2 million. Total wheat acres in the United States are forecast at 47.4 million, up 1% from last year, but the fifth lowest total since 1919. 

These compare to trade estimates of 92 million acres for corn,...