Corn acreage intended for harvest as grain is projected at 78.94 million, 7.6 million less than harvested in 2007. The difference between acreage planted and harvested for grain is estimated at 8.387 million, about 1.2 million more than normal.

"Widespread flooding is expected to result in more abandoned acres or perhaps more acres harvested for silage. Yield potential is difficult to predict, but based on improving weather, a benign weather forecast for July, and improving crop condition ratings, potential yield is likely at or above the USDA's June assessment of 148.9 bushels. The 2008 production potential may be between 11.8 and 12.0 billion bushels," Good said.

The USDA's said acreage planted, or intended to be planted, to soybeans is 74.533 million acres. That is 10.9 million more than planted in 2007, 260,000 less than indicated in March, and 330,000 more than the average trade guess.

"At the time of the survey, however, producers indicated that 21% of the intended soybean acreage had not been planted, the most since 1996," Good said.

Soybean acreage for harvest is projected at 72.121 million acres, 9.3 million more than harvested in 2007. The difference between planted and harvested acreage of 2.4 million acres indicates that about 1.4 million more acres will be abandoned than is typically the case.

"Yield potential is still very uncertain due to the lateness of planting in many areas. Favorable summer growing conditions that extend well into September could result in the U.S. average yield near the trend of 42 bu./acre, producing a crop of more than three billion bushels. In general, however, the trade is probably skeptical that a trend yield in soybeans can be attained," Good said.