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USDA chief economist Rob Johansson projected 2020 soybean acreage up 12% to about 85 million acres and corn up to 94 million acres. He forecast corn prices falling 25 cents to $3.66 per bushel and soybeans rising a nickel to $8.80, with wheat prices up to $4.90 and rice down $1 to $12 per hundredweight.
Expanded corn and soybean acreage and a projected corn price decline point to ample feed grain supplies, while steady soybean prices reflect lower stocks offset by competition from South America.
brownfieldagnews.comMeghan GrebnerFeb 20, 2020After 2,447 past report events, Wheat (SRW) moved a median +0.0% over 5 sessions (51% higher; middle half -1.5% to +1.8%), and +0.2% 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.
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 180 past bullish report events, Wheat (HRW) moved a median +0.4% over 5 sessions (53% higher; middle half -2.1% to +3.7%), and -0.6% 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.
