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USDA's prospective planting estimate put US corn planted acres at about 90 million, down roughly 5% from last year. Urea NOLA prices fell 3.7% week-on-week in response to the reduced corn acreage outlook.
Lower expected corn acres reduce US nitrogen demand, weighing on urea prices, while the report was slightly bullish for corn futures per the analyst comments.
genesisfertilizers.comCaitlinApr 3, 2024After 42 past bearish report events, Urea moved a median +0.3% over 5 sessions (57% higher; middle half -1.9% to +3.3%), and +2.9% over 20.
After 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.
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.
The USDA planting report showed lower corn acreage, which cut US demand expectations and pushed NOLA urea down 3.7% week-on-week.
