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USDA's Prospective Plantings report showed farmers intend to plant 92.8 million acres of corn and 84.6 million acres of soybeans this spring. Flooding of 0.5 to 1.1 million acres is expected to have only a marginal effect on production.
Large planting intentions point to ample corn and soybean supplies, which is a mildly bearish signal for feed grain and meal prices. Flood losses are small relative to national acreage and do not change the outlook much.
agriculture.comChuck AbbottApr 1, 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
