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USDA's Acreage report shows the US planting 2% more corn and 5% more soybean area than last year. The corn crop is headed for a record harvest and soybeans for the third-largest crop.
Wheat plantings rose 5% but remain the fourth lowest on record.
A record corn crop and larger soybean supply would replenish inventories and weigh on feed grain and soymeal prices, though strong domestic and export demand limits the downside.
agriculture.comChuck AbbottJul 1, 2021After 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 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 399 past bearish report events, Soybean Meal 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.
