USDA released its Prospective Plantings and March 1 Grain Stocks reports Thursday, predicting 91 million acres of soybeans, setting a new record anf 4% increase from the year prior, and 89.5 million acres of corn – a 4% decline. USDA’s new planting intentions are a bullish signal for the new-crop corn, moderately bearish for new-crop soybeans and neutral for new-crop wheat. Meanwhile, the Grain Stocks report was neutral for corn and soybeans, and bullish for wheat. Corn acres are expected to be down in 43 of the 48 states, resulting in the lowest acreage estimate in five years. Soybean acreage is up or neutral in 24 states.

Read more on the USDA reports here and read the full report from USDA here.