Farmers didn’t plant as many acres as traders wanted. Stocks slightly smaller than expected. We knew last fall that South America had to raise a bumper crop and that big crop needed to be followed by a U.S. bumper crop. South America did good on raising a record crop of soybeans, but their second crop corn continues to struggle and lose yield. U.S. farmers needed to make up for some of the world’s short supply by increasing acreage. The USDA told us in March that farmers were not planning on a big enough acreage increase. Today, the USDA confirmed that farmers did not plant as many acres as traders hoped they would. Now the market’s job is to continue to slow demand and adequately adjust for potential U.S. yield shortfalls. The market also needs to guard against potential U.S. weather worries, such as the drought in the western and northern Corn Belts and excess moisture in central and southern regions. This once again puts pressure on South America to strive to raise a record large crop next year.