Corn and soybean futures closed sharply higher Wednesday after USDA’s planted acreage revisions failed to meet trade expectations.

Iowa State University Extension economist Chad Hart says USDA grew the acres, but not nearly as much as the market was expecting.

“With the drier conditions we saw this spring, there was heavy industry expectation that it meant more acres were coming into play.”

Corn acreage was reported at 92.7 million, about a million fewer than what analysts were expecting, but up two percent on the year.

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