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Bloomberg reports corn has regained its position as the top US crop after farmers planted more corn than expected despite weather problems and high fertilizer costs, while cutting soybean plantings. Corn fell to its lowest level since early February following the USDA reports.
Larger corn acreage points to heavier supplies and softer corn prices for feed buyers, while reduced soybean area may tighten soy supplies later in the season.
bloomberg.comMichael Hirtzer, Kim ChipmanJun 30, 2022After 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.
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.
