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USDA's June 30 Acreage report showed corn plantings at 94.096 million acres, well above trade expectations of about 91.85 million and up 2.1 million from March intentions. Soybean plantings came in at 83.505 million acres, far below the roughly 87.67 million expected.
Corn futures fell 15 to 16 cents while soybeans rose 75 to 80 cents in early trade.
A much larger corn crop and smaller soybean area point to ample corn supplies and lower corn prices, while tighter soybean acreage supports soybean and meal values. Feed buyers should expect cheaper corn and firmer soy-based feed ingredients.
profarmer.comPro Farmer EditorsJun 30, 2023After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), 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.
