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University of Illinois economist Todd Hubbs warns that a strong storm system over the Midwest could wash out or force replanting of some corn, and that farmers may switch acres to soybeans. He notes that about 90 million soybean acres are already expected, and says the market may react to the June acreage report.
Possible corn acreage shifts to soybeans would tighten corn supply and lift corn prices while adding bearish pressure to soybeans, though the impact depends on how planting progresses.
brownfieldagnews.comLarry LeeApr 26, 2017After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
