USDA June Acreage Snapshot

Today's revised acreage estimates from the USDA peg 2008 corn acreage at 87.327m, up from March's est of 86.014m and well above the average trade estimate of 85.676m, and only just short of the highest trade estimate of 87.399m.

Soybean acreage is seen at 74.533m acres, slightly lower than March's 74.793m, but a slightly above the average trade estimate of 74.360m acres.

All wheat acreage is seen at 63.457m, slightly below March's figure of 63.803 and the average trade estimate of 63.818m.