The following results were put forth on the USDA's annual Planting Intentions report:
Corn Planted Acreage Down 2 Percent from 2014
Soybean Acreage Up 1 Percent
All Wheat Acreage Down 3 Percent
All Cotton Acreage Down 13 Percent
Cotton area was projected at 9.5M acres (9.4M upland). This figure is just above the National Cotton Council's projection and below the USDA's initial projection of 9.7M total acres. The results were on par with pre-report expectations and should be neutral, although the market is trading just above levels where considerable physical business has been recently accomplished. Further downside may be limited over the near-term.
