# Corn extends rally after deep cut to US planting estimate - Markets - Business Recorder

> Chicago corn futures extended their rally to the highest level in more than three months after USDA estimated US corn plantings at 92 million acres, well below expectations and 5 million below March intentions. Soybeans and wheat also firmed as soybean and winter wheat acreage came in below forecasts.

- Date: 2020-07-01 · published 2020-07-01T12:00:00.000Z
- Category: report · region US · magnitude high
- Page: https://feedsoft.ai/events/52153-corn-extends-rally-after-deep-cut-to-us-planting-estimate-markets-business
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

The steep acreage shortfall raises doubts about a record US crop, supporting corn and feed prices and lifting soybean meal costs through the feed complex.

## Read by commodity

- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2020-06-11 | [Wheat slides on record global stocks estimate - Markets - Business Recorder](https://feedsoft.ai/events/52557-wheat-slides-on-record-global-stocks-estimate-markets-business-recorder.md) | +1.0% | +5.3% |
| CORN | 2020-06-30 | [CBOT corn futures climb - Markets - Business Recorder](https://feedsoft.ai/events/12775-cbot-corn-futures-climb-markets-business-recorder.md) | +3.3% | -1.5% |
| CORN | 2018-04-03 | [Planting report leads to market rally - Farm and Dairy](https://feedsoft.ai/events/65541-planting-report-leads-to-market-rally-farm-and-dairy.md) | +0.7% | +1.4% |
| CORN | 2026-05-15 | [Expana lifts EU wheat, abarley crop outlook, cuts maize - Markets - Business Recorder](https://feedsoft.ai/events/19181-expana-lifts-eu-wheat-abarley-crop-outlook-cuts-maize-markets-business-recorder.md) | +0.6% | -6.3% |
| CORN | 2021-01-15 | [Corn set for biggest weekly gain since July as global supplies tighten - Markets - Business Recorder](https://feedsoft.ai/events/49183-corn-set-for-biggest-weekly-gain-since-july-as-global-supplies-tighten-markets.md) | -0.1% | +3.6% |
| SOY | 2020-06-30 | [CBOT corn futures climb - Markets - Business Recorder](https://feedsoft.ai/events/12775-cbot-corn-futures-climb-markets-business-recorder.md) | +3.3% | +3.5% |
| SOY | 2020-07-31 | [Soybeans firm as US biodiesel data lifts soyoil; corn flat - Markets - Business Recorder](https://feedsoft.ai/events/51967-soybeans-firm-as-us-biodiesel-data-lifts-soyoil-corn-flat-markets-business.md) | -1.2% | +5.1% |
| SOY | 2020-06-12 | [US soy crush seen at 173.071mn bushels - Markets - Business Recorder](https://feedsoft.ai/events/52699-us-soy-crush-seen-at-173-071mn-bushels-markets-business-recorder.md) | +0.8% | +2.9% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40002212

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.