USDA’s latest acreage report indicates U.S. farmers planted 96.4 million acres of corn, up 5% from last year and the largest corn acreage since 1937. According to the report, 76.1 million acres were planted in soybeans, up 1% from 2011. This is the third-largest soybean acreage on record. Acres planted for all wheat were 56 million acres. Less cotton was planted this year at 12.6 million acres, down 14% from last year. The key issue for this year’s corn and soybean crops will be the impact of the extreme dry conditions in much of the Corn Belt.