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USDA's June acreage report put US corn plantings at 92 million acres, down about 5 million from the March forecast, with sharp cuts in the northern Plains and Illinois and Indiana. December corn futures rose 28 1/4 cents for the week, while the grain stocks report had little market impact.
Sorghum area was also trimmed modestly.
A large March-to-June acreage cut shrinks expected US corn supply and pushes feed grain prices higher, with sorghum a partial substitute that also faces lower area.
grains.orgJul 3, 2020grains.orgJul 2, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
