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Following the June 28 NASS Grain Stocks and Acreage reports, December corn fell through $4.52 support and closed 19.5 cents lower. Corn planted area came in at 91.7 million acres, well above the pre-report average, while soybean area was about 80 million acres, 10% below last year.
Higher corn acres and lower soybean acres shift supply expectations, pressuring corn prices while soybean meal supply outlook tightens relative to soy crush demand.
dtnpf.comDana MantiniJun 28, 2019After 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 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 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.
