This figure represents the lowest planted acreage in the United States since 2010. However, this is the fifth largest corn acreage in the United States since 1944.

It also exceeds the indicated target published in an earlier USDA report, which said that US farmers had intended to plant 89.2 million acres of corn in 2014.

The figure of 91.6 million acres therefore will be more than welcome to those who feared the USA might not meet its target of 89.2 million acres, given the wild weather in the US midwest during the last month.

It is the same good news story for soybean acreage, with today's figures showing a record high of 84.8 million acres planted, up slightly on the earlier indicated target of 84.6 million acres.

Area for harvest, however, is estimated a little lower at 84.1 million acres. But this is still up 11% from 2013 and will be a record high by more than 7.4 million acres, if realized. Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota, and Wisconsin are all estimated to have planted the most acreage of this crop.

Despite reaching and in some cases exceeding expected crop targets, prices of corn according to the Chicago Board of Trade are still high today, although they have decreased slightly since the weekend.

Corn prices rose in the last month due to fears that the storms in the midwest would cause a shortage in supply.

As the USA is the world’s largest producer of soyabeans and corn, the amount of acreage planted is very important in steering world grain prices.