More soybeans and less corn planted this year, according to the USDA planted acreage report released today.

USDA’s National Agricultural Statistics Service (NASS) is estimating a record high 84.8 million acres of soybeans planted in the United States for 2014, up 11 percent from last year, while corn acreage planted is estimated at 91.6 million acres, down 4 percent from last year, representing the lowest planted acreage in the United States since 2010. Cotton planted area for 2014 is estimated at 11.4 million acres, 9 percent above last year.

NASS today also released the quarterly Grain Stocks report to provide estimates of on-farm and off-farm stocks as of June 1. Soybeans stored totaled 405 million bushels, down 7 percent from last year, corn stocks totaled 3.85 billion bushels, up 39 percent from the same time last year, and all wheat stored totaled 590 million bushels, down 18 percent from a year ago.

The Minneapolis Grain Exchange (MGEX) hosted its regular Crop Report Conference Call for the media on the Acreage and Grain Stocks reports with Jonah Ford of Ceres Hedge providing commentary.