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USDA's March report put corn plantings at 92.8 million acres, at the high end of analyst expectations, and December corn futures fell 18 cents in a day. Soybean plantings are estimated at 84.6 million acres, down 5 percent, while March 1 soybean stocks were a record 2.72 billion bushels.
Larger expected corn supplies pressure corn prices and lower feed costs, while the smaller soybean area and record stocks point to ample soy meal supplies.
agproud.comJosh MaplesApr 20, 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.
