Corn prices dropped when USDA’s early planting intentions report was released. Corn acreage in excess of 90 million acres would be enough to satisfy expected demand and allow for an increase in carryover stocks.

With a trend yield of 153.5 bushels per acre, corn production would approach 12.7 billion bushels. Corn demand is expected to rise to around 12.4 billion bushels.

Huge corn crops in Brazil and Argentina will take some of the pressure off of U.S. corn exports.