'Corn is king' and wheat is out of favor in the US

For corn and soybeans, the Prospective Plantings report, the USDA's acreage expectation, was reasonably in line with analysts' and traders' expectations. The surprise in the report, which was published yesterday evening Dutch time, was in wheat. If the prediction comes true, the US will have the second smallest wheat acreage for the 2025 harvest since this statistic has been kept since 1919.