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Southern Plains 500-600 lb steer prices rose from about $148 in January to over $165 by late March, following spring seasonality and a fed cattle rally. USDA's prospective plantings report showed corn at 89.99 million acres, down about 4 million, and soybeans at 89.5 million acres, up 6 million.
The shift toward soybean planting and lower corn acreage tightens the corn outlook relative to soybeans, while strong calf prices reflect supply-driven seasonal tightness.
u.osu.eduSmith atApr 5, 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 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 227 past bullish report events, Feeder Cattle moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.5%), and +1.1% 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.
