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USDA's Prospective Plantings report projects 90.0 million acres of US corn, down 5% from last year and well below pre-report estimates. Soybean plantings are estimated at 86.5 million acres, up 3% and slightly above expectations, and all-wheat area is down 4% at 47.5 million acres.
A corn acreage figure far below trade expectations tightens the outlook for corn supply and supports prices, while slightly higher soybean acres add modest bearish pressure on soybeans.
dtnpf.comDTN StaffMar 28, 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.
After 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
