The US Department of Agriculture on Monday said that US farmers plan to plant a record soyabean acreage but trim their corn seedings to the lowest since 2010. The government also said that supplies of corn were slightly smaller than expected while soyabean stocks topped forecasts by just 3 million bushels. Wheat supplies also came in above trade expectations. Chicago Board of Trade corn futures trimmed its losses following the release of the reports while soyabeans turned lower. Wheat futures were trading lower, close to their position before the data hit the market.
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