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USDA's June 30 acreage and stocks reports showed record US soybean plantings of 89.5 million acres and corn at 90.9 million acres, down 3%. Wheat acres came in at 45.7 million, at the bottom of trade expectations.
Markets rallied despite the bearish headline numbers.
Soybean acreage above trade expectations is bearish for later supply, but analysts expect near-term prices to hold up on Western Corn Belt dryness. Feed buyers face higher prices for summer delivery, with Brazilian corn expected to narrow cash bases later.
iowaagribusinessradionetwork.comStaff EditorJun 30, 2017After 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% 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.
