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Corn and soybeans moved between gains and losses as markets digested the USDA January reports. Winter wheat acreage was 34.4 million acres, the largest since 2016, and wheat futures fell more than 1%.
Corn stayed near $6 per bushel.
Markets had largely priced in the South American cuts ahead of the report, so the muted response suggests limited near-term price impact from the data.
farmprogress.comBen PotterJan 12, 2022After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
