The USDA released its updated 2017 crop acreage report Friday morning.

Soybean planted area is estimated at a record high 89.5 million acres, up 7 percent from last year.

All wheat planted area for 2017 is estimated at 45.7 million acres, down 9 percent from 2016.

This represents the lowest all wheat planted area on record since records began in 1919.

Corn planted area for all purposes in 2017 in the U.S. is estimated at 90.9 million acres, down 3 percent from last year.

Richard Cook, vice-president with PI Financial Corp, says the market reaction was bullish following the release of Friday's report.

"The market has been, obviously all week, the funds have had their buying shoes on and that has continued on today," he commented. "Now that we have the acreage reports out of the way, we turn to the weather and you'll have to rely on your weather forecaster to get the next market move."