# Soybean Futures Soar on Sharp Drop in Planted Acres, Lower Stocks

> November soybean futures jumped after USDA's June stocks and acreage reports showed soybean plantings about 4 million acres below March intentions. Corn June 1 stocks came in at 4.106 billion bushels, the lowest since 2013-14, and corn plantings were 94.1 million acres, well above trade estimates.

- Date: 2023-06-30 · published 2023-06-30T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/35542-soybean-futures-soar-on-sharp-drop-in-planted-acres-lower-stocks
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

The soybean acreage shortfall and tighter corn stocks support prices for both crops, with lower soybean supplies adding support to meal and oil.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-06-30 | 5 | -9.2% | -3.3 | The June 30 Acreage report showed corn plantings of 94.1 million acres, well above trade estimates, which is bearish for supply and likely drove the sharp drop, partly offset by low June 1 stocks. |
| SOY | 2023-06-29 | 1 | +5.0% | 3.5 | The USDA June Acreage report (soybean plantings ~4M acres below March intentions) is the likely cause of the soybean surge, but it was released 2023-06-30, after the move window ending 06/29, so this is only a possible link via pre-report positioning. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2017-09-29 | [Corn, Soybean Futures Climb on Surprise Stocks Report \| Fox Business](https://feedsoft.ai/events/7538-corn-soybean-futures-climb-on-surprise-stocks-report-fox-business.md) | +0.9% | +1.2% |
| SOY | 2022-01-12 | [U.S. grains: Wheat futures fall on bigger-than-expected plantings, stocks - AgCanada](https://feedsoft.ai/events/43100-u-s-grains-wheat-futures-fall-on-bigger-than-expected-plantings-stocks-agcanada.md) | +1.1% | +15.8% |
| SOY | 2017-09-29 | [U.S. Corn, Soybean Stocks Drop, USDA Says](https://feedsoft.ai/events/68896-u-s-corn-soybean-stocks-drop-usda-says.md) | +0.9% | +1.2% |
| SOY | 2017-05-10 | [USDA lowers old crop corn, soybean stocks on good demand - Brownfield Ag News](https://feedsoft.ai/events/70887-usda-lowers-old-crop-corn-soybean-stocks-on-good-demand-brownfield-ag-news.md) | +1.1% | -3.6% |
| SOY | 2018-06-12 | [Futures rally on bullish corn, soybean data](https://feedsoft.ai/events/64480-futures-rally-on-bullish-corn-soybean-data.md) | -4.7% | -10.6% |
| SBM | 2017-09-29 | [U.S. Corn, Soybean Stocks Drop, USDA Says](https://feedsoft.ai/events/68896-u-s-corn-soybean-stocks-drop-usda-says.md) | +2.0% | +1.7% |
| SBM | 2020-11-10 | [USDA Lowers Corn, Soybean and Wheat Ending Stocks](https://feedsoft.ai/events/50091-usda-lowers-corn-soybean-and-wheat-ending-stocks.md) | +1.4% | -0.6% |
| SBM | 2021-03-31 | [Futures hit limits as USDA fails to deliver corn, soybean planting hike - Fastmarkets](https://feedsoft.ai/events/48140-futures-hit-limits-as-usda-fails-to-deliver-corn-soybean-planting-hike.md) | +2.3% | +5.4% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2023/06/30/soybean-futures-soar-sharp-drop

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.