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USDA's April 1 planting estimate of 97 million corn acres was nearly 3 million above pre-report expectations. Nebraska ethanol plants are idling or cutting output, with storage nearly full and prices around 85 cents per gallon, while plants fill feeder contracts for distillers grains.
Record corn acreage adds bearish supply pressure, while falling DDGS availability to feedlots may push cattle feeders toward corn and soymeal, supporting those feed prices.
thefencepost.comRachel GabelApr 3, 2020After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
Not enough comparable past events yet for a historical read.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
