The U.S. Department of Agriculture (USDA) surprised the industry last week with its acreage report, estimating total area planted corn at 94.1 million acres.

Market analyst Brian Voth says this is a big difference from what the trade had expected, with the average estimate at 92.9 million acres. Voth says the expectation was corn acreage would drop, while soybean acreage would increase in this report, due to rallies in soybean prices since March. However, Voth points out the market didn't necessarily react accordingly to this news.

"Something doesn't seem to quite add up here," he says, "with that big of a difference in numbers, corn probably should've traded down (on Friday), but it didn't. So I don't know if the trade maybe doesn't quite believe that number. We'll have to wait and see what happens in subsequent reports, but it seems the trade is skeptical in that number, anyway."

Meanwhile, Voth says soybeans prices saw upward movement on Thursday, even though the acreage estimates came out close to what was expected at 83.7 million acres.

"We saw soybeans trade up over 45 cents per bushel at one point after the report came out — they didn't close there, but it was just interesting to watch because there wasn't really a fundamental reason for prices to rally when the numbers comes out exactly where the trade expects it to be," he says.

Going forward, Voth says things will turn into a weather market as the forecasts play out over the next couple months. Subsequently, he says the final yield numbers come harvest time will be the final key to the production side of the balance sheets for this year.