Corn prices gained, erasing losses posted in the previous session as the USDA at an annual crop-outlook forum in Arlington, Va., said domestic farmers likely will cut acres planted with the grain this year to 89 mil, down 1.8% from the 90.6 mil acres planted in 2014. The lower acreage figures come as falling crop prices curb profit margins for farmers, forcing some to scale back on production as farm costs rise. Prices for the grain also were boosted by weekly data from the U.S. Energy Information Administration support the robust ethanol production. The EIA said ethanol output in the week ended Feb. 13 was up 0.3% from the week prior at an average of 964,000 barrels per day. "People expected worse news from the USDA and were pleasantly surprised if they were bulls and chagrined if they were bears, The ethanol crush report was once again really quite solid, so that was icing on the cake for the demand side of the equation." March advanced 6 cents, or 1.6%, to $3.89 3/4 a bushel.The USDA also said U.S. growers would sow fewer acres with soybeans this year, surprising analysts who expected soybean acreage to increase since the crop costs less per acre to grow than corn. Soybean plantings likely will be down 0.2% to 83.5 mil acres. March soybeans rose 11 1/2 cents, or 1.2%, to $10.07 1/4 a bushel as financial investors covered short positions. The lower acreage estimates come after back-to-back years of bumper U.S. crops and swelling global inventories prompted a tumble in commodity prices, with the USDA also forecasting on Thursday that a bushel of corn in the 2015-16 crop year would fetch $3.50 on average, down from $3.65 the year prior. A bushel of soybeans likely will go for $9.00 this year, down from $10.20, with wheat down to $5.10 from $6.00. March wheat was flat. May wheat fell 4 1/4 cents, or 0.8%, to $5.19 1/2 a bushel.