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The USDA prospective plantings report put 2018 US corn acres at 88 million, below the 89.3 million expected, and soybean acres at 89 million, below the 91 to 92 million expected. Corn acres are the lowest since 2015 and fall below soybean acres for the first time in 35 years.
December corn rose from $3.97 to about $4.15 on the report, and November feeder futures fell from $145.88 to $141.17.
Smaller corn and soybean plantings tighten the feed grain and oilseed outlook and lift corn prices, while higher feed costs weigh on feeder cattle values amid heavy feedlot supplies.
u.osu.eduSmith atApr 11, 2018After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
After 126 past bearish report events, Feeder Cattle moved a median +0.1% over 5 sessions (52% higher; middle half -1.3% to +2.0%), 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.
