The U.S. planting season is already entering its later stages for the year. This is when we start to get a better idea of the total seeded acres compared to the estimates we've received. 

The trade still expects larger plantings from last year, especially for corn, with most analysts using the USDA's 92 million acre projection in balance sheet estimates. 

Most analysts are also using the USDA projection of 87.5 million soybean acres in their forecasts. While these acres will help the U.S. rebuild its commodity reserves, record yields will also be necessary, particularly for soybeans.

Now that the growing season is underway in the U.S., more attention is on weather outlooks, mainly the strengthening El Nino and its potential to cause a late-season drought. That said, current ...