Soybean and corn futures rallied Wednesday after the U.S. Department of Agriculture revealed estimates for domestic 2021 plantings for the two commodities that were lower than market forecasts. The USDA estimated corn plantings at 91.1 million acres, up less than 1% from last year. The USDA also estimated soybean plantings at 87.6 million acres this year, which would be up 5% from last year. Trade expectations called for higher corn plantings of 93.2 million and soybean plantings of 89.9 million acres, according to a report from Successful Farming, which also said both corn and soybean futures hit their daily price move limits. May corn rose 25 cents, or 4.6%, to settle at $5.64 1/4 a bushel in Chicago. May soybeans added 70 cents, or 5.1%, to end at $14.36 3/4 a bushel.
