Wheat acres are likely to total 58 million, far surpassing the 41.2 million market estimate.

Still, grain inventories will remain extremely tight, more than offsetting a larger-than-expected harvest in 2011, according to the USDA.

The higher corn plantings however could bite into oilseed supply. The USDA predicts farmers will plant 76.6 million acres of soybeans, below the market forecast of 77 million, according to Agriculture.com.

Agriculture and fertilizer stocks got a lift from the news as well.

Agricultural commodities transporter Archer Daniels Midland ( ADM) rose 1.1% to $36.32, Agrium ( AGU) gained 3.3% to $92.55, CF Industries ( CF) advanced 4% to $137.87 and Potash Corp. ( POT) rose 1.5% to $59.07.

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