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USDA's Prospective Plantings Report showed principal crop acres at 313.3 million, down 6.3 million or 2% from 2023, the largest drop in the eight years the metric has existed. Farmers intend to plant fewer corn acres, shifting toward soybeans and cotton, as commodity prices soften.
Fewer intended corn acres and a shift toward soybeans reduce expected 2024/25 corn supply, supporting corn prices, while higher soybean acreage is bearish for soy and meal over time.
fb.orgBetty ResnickMar 29, 2024After 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
