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At the USDA Ag Outlook Forum, economist Seth Meyer projected 92 million acres of corn, 90 million acres of soybeans and 12 million acres of cotton for 2021. Soybean plantings would rise about 7 million acres from 2020, while corn and cotton would be roughly flat.
The projections assume normal planting weather.
A larger soybean area points to more supply later in the year, which is bearish for soybeans and soybean meal prices if realized. Corn acreage near last year's level leaves its outlook largely unchanged.
en.lider.mediaIva Marđetko MatešFeb 20, 2021After 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 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 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.
