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The USDA Prospective Plantings report put corn at 88 million acres and soybeans at 89 million, with wheat at 47.3 million acres. Texas A&M economist Mark Welch said the numbers fell outside pre-report estimates, lower for corn and soybeans and higher for wheat.
Lower corn and soybean area versus expectations points to tighter feed grain and meal supplies, a bullish factor for feed costs.
farmprogress.comFarm Press StaffMar 30, 2018After 1,006 past bearish report events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 747 past bullish report events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 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.
Not enough comparable past events yet for a historical read.
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.
