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USDA's Prospective Plantings report showed U.S. farmers intend to plant 88 million acres of corn and 89 million of soybeans, both below analyst expectations. Corn and soybean futures rallied and grain ETFs jumped, with soybean acres exceeding corn for the first time in decades.
Acreage cuts well below expectations tighten the outlook for US corn and soybean supplies, supporting prices for feed grains and soybean meal.
finance.yahoo.comETF TrendsMar 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.
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.
