Loading…
USDA's Prospective Plantings report showed US farmers intend to plant 89.49 million acres of corn, well below the trade expectation of 92.0 million, and 90.96 million acres of soybeans, above the 88.73 million expected. March 1 stocks were slightly lower than expected while soybean stocks were higher.
Wheat acreage was also slightly below expectations.
Fewer corn acres and more soybean acres shift the balance of US feed grain supply, supporting corn prices while adding soybean supply later in the year. High fertilizer prices were cited as a reason for the shift.
profarmer.comPro Farmer EditorsMar 31, 2022After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,040 past bullish report events, CORN moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 399 past bearish report events, SBM moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
