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USDA's June acreage report put 2023 US corn plantings at 94.1 million acres, up 5.5 million from last year, and soybean area at 83.5 million, down 5%. Analysts expect higher corn carryover stocks and higher soybean meal prices from lower soy acreage.
Bigger corn supplies push corn prices lower, while smaller soybean acres tighten soy supply and lift soybean meal, affecting feed costs.
agri-pulse.comJacqui FatkaJun 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.
Not enough comparable past events yet for a historical read.
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.
