The much anticipated USDA Prospective Plantings and Grain Stocks reports were released Friday morning and contained an interesting mix of surprises. For a review of the USDA methodology for the Prospective Plantings report, see this Marketing and Outlook Brief. For the crops included in the report of planting intentions, total planted acreage is expected to increase by 8.6 million acres from that of 2011. The overall increase in total planted acreage is consistent with strong market incentives for most crops this year. The increase was led by grains, up 6.9 million acres; hay (harvested), up 1.7 million acres; and dry beans, peas and lentils, up 1.4 million acres. Cotton and tobacco were exceptions to the across-the-board increases, with total planted acreage for these two crops down 1.6 million acres....
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