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USDA's Quarterly Grain Stocks report showed record March 1 corn stocks of 8.89 billion bushels, above expectations. Planted corn acreage came in at 88 million acres, below the 89.3 million trade estimate, and soybean acreage also surprised lower.
The lower-than-expected acreage is a bullish surprise for corn and soybeans, outweighing the bearish stocks figure and shaping prices heading into planting.
agriculture.comNaomi BlohmMar 29, 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.
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.
