USDA initial estimates for 2004 call for larger U.S. plantings of both corn and soybeans. USDA has pegged soybean plantings at 74 million acres, up from the final 2003 figure of 73.4 million. Production should hit a record 2.915 billion bushels, up from 2003's 2.418 billion bushels.

Corn plantings were put at 79.5 million acres, up from a 2003 figure of 78.74 million. Production is forecast at 10.29 billion bushels, up from 10.114 billion in 2003.