The USDA in its prospective plantings report on Wednesday (Mar 31), forecast US producers will seed 88.798 million acres with corn this spring and 78.098 million acres with soy.

Traders and analysts had expected an average of 89.189 million acres to be planted with corn, and 78.458 million acres with soy.

The USDA forecast total wheat acres at 53.827 million, which was above an average trade estimate for 53.376 million.

Quarterly US corn inventories as of March 1 was forecast by the USDA at 7.694 billion bushels, above an average trade estimate for 7.496 billion bushels. The USDA forecast US soy inventories as of March 1 at 1.270 billion bushels, above an average trade estimate for 1.208 billion.