Cotton
Sees corn, soybean and spring wheat acres up from USDA’s March pegs.
Comes partially at the expense of a smaller soybean crop.
Notes much-needed rains stabilized the winter wheat crop in areas of the FSU.
USDA crop progress and condition report highlights.
Rains along Mexico’s Gulf Coast benefit soil moisture.
Pegs 2012 winter wheat crop at 1.656 billion bushels.
Planting intentions are near “perfectly opposite” to pre-report trade expectations.