US Chicago Board of Trade (CBOT) wheat and corn futures have been particularly volatile this week. Spring planting has advanced at a fast rate which has encouraged notable long liquidation from market speculators. Spring wheat planting reached 94% complete, which is well ahead of the 85% average for this time of year. Meanwhile, corn planting advanced to 90% complete compared with the 80% average.

Some analysts predict that US farmers will expand their corn planted area to over 96 million acres, which is well ahead of the prediction of 91.1 million acres from the United States Department of Agriculture (USDA) in its May World Agricultural Supply and Demand Estimates (WASDE) report. The pace of planting and historically high prices support the higher estimate. 

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