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A Congressional Research Service report says U.S. farmers were unable to plant a record number of acres in 2019 because of a wet spring. Prevent-plant acreage was concentrated in the northern Plains and eastern Corn Belt, mainly in corn and soybeans.
The report also details record indemnity payments and notes that late harvests suggest additional losses.
Record prevent-plant acreage reduced the 2019 U.S. corn and soybean supply, which is already reflected in prices. The report is background and offers little new market direction.
everycrsreport.comJan 15, 2020After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 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.
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.
