On acreage projections…

“There were also questions about FAPRI’s acreage projection. In some respect, they’re pretty similar to USDA’s. We had a similar acreage total across all the crops. We expect there to be a significant increase in total amount of land use for crop production in 2011 – but only to levels we saw as recently as 2008. So, yes, there will be a big increase but not anything we haven’t seen before.

“There is also a lot of attention on the 2011 crop mix. There’s huge uncertainty and, over the next few weeks, the totals will likely shift around. But we’re estimating 91 million acres of corn, 78 million acres of soybeans and 56.9 million acres of wheat. The latter two of those are very close to USDA’s estimates – and that’s a coincidence because we work independently of each other.”

What about cotton?

“For cotton, we’re projecting 12.35 million acres – up about 1.6 million acres from 2010. That’s just a tad below USDA’s number.”