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USDA's initial 2020 outlook projects corn planted area rising 5% to 94 million acres and soybean area rising 12% to 85 million acres as prevented-planting acres return to production. Prices are forecast at $3.60 for corn, down 25 cents, and $8.80 for soybeans, up 5 cents.
Higher projected corn and soybean acreage implies larger supplies, which weighs on corn prices, while soybean prices are supported by lower stocks but capped by South American output.
northernag.netbyFeb 20, 2020After 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.
After 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.
After 139 past report events, US Dollar (Broad) moved a median -0.1% over 5 sessions (47% higher; middle half -0.5% to +0.4%), 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.
