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USDA planting data showed US farmers planted 92 million acres of corn, about 5 million below the March forecast and below analyst expectations. Soybean plantings were 83.8 million acres, slightly above March but below expectations.
Chicago corn futures rose nearly 4% on the report.
A sharply smaller corn acreage than expected tightens the US feed grain supply outlook and supports corn and soybean prices.
financialpost.comReutersJun 30, 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
