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USDA's June 30 Acreage and Grain Stocks reports showed 92.01 million acres of corn planted, about 3.2 million below trade expectations and 4.98 million below March intentions. Quarterly corn stocks also came in above analyst estimates.
The sharp acreage cut tightened the outlook for the 2020 US corn crop and drove prices higher, raising feed corn costs for buyers.
origin.farmdocdaily.illinois.eduHongxia JiaoJul 6, 2020After 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 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.
