The USDA released its crop acreage report Friday morning.

Dan Basse is the president of AgResource Company in Chicago.

"It was a big shock," he said. "U.S. corn seeding came in at 91.7 million acres. That was down only 1.1 million acres from the March intention. We in Chicago had been expecting a decline anywhere between 6 and 12 million acres based on the cool, wet spring weather and farmers having all of these problems but the...data suggests that corn did get seeded."

As a result, Basse says corn futures dropped sharply Friday morning, noting at one point they were limit down.

U.S. soybean planted area for 2019 came in at 80 million acres, while all-wheat acres were at 45.6 million.