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Futures Close Report 28th June

USDA – acreage report brought some surprise to markets for corn.  Acreage was forecasted well down in the US owing to the poor planting weather – expectations turned out to be more pessimistic than the fact, with USDA reporting 91.7 million acres planted for corn – only 1.1 million acres below last months forecast. However, soybean acres were put at 80 million acres – well down from 84.6 million acres forecasted last month.