The first estimate for crop plantings this year by USDA is calling for less corn and wheat but more soybeans and cotton.

The 2017 Prospective Plantings report based on farmer surveys estimates that corn planted area for all purposes in 2017 will be 90 million acres, down 4 percent or 4.0 million acres from last year. Soybeans planted area for 2017 is estimated at a record high 89.5 million acres, up 7 percent from last year.

All wheat planted area for 2017 is estimated at 46.1 million acres, down 8 percent from 2016, which would be the lowest total planted area for the United States since records began in 1919. All cotton planted area for 2017 is estimated at 12.2 million acres, 21 percent above last year.

The MGEX crop call on the report today featured commentary from Brian Basting of Advance Trading, Inc. Listen to it here: MGEX Crop Call with Brian Basting, Advance Trading