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USDA remained confident with last month's quarterly grain stocks on a positive note. However, last week was different with soybeans and corn on a low.
Given the extent of flooding and drown out across the key growing states; abandonment may be the first adjustment to be made by the USDA.
The USDA sees planting acreage falling to 90.0 million acres. Well below the 94.0 million acres that were planted in 2016.
Last week, the USDA released their initial baseline projections with corn acreage seen near 90.0 million and soybeans near 85.5 million.