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The USDA's March 31 Prospective Plantings report showed intentions for 87.5 million acres of soybeans and 91 million acres of corn in 2023. Analysts note acreage could shift during planting depending on spring conditions, especially in the Dakotas.
Industry voices see a strong soybean crop as possibly helping replace supplies lost to Argentina's drought.
Expected acreage and trend yields point to ample US soybean and corn supplies, which tends to cap prices. Planting-season shifts could still move the new-crop balance sheet.
iasoybeans.comIowa Soybean AssociationApr 20, 2023After 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 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.
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.
