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Soybeans fell to new multi-month lows after USDA projected record U.S. soybean acreage and larger-than-expected quarterly stocks. Corn rose on buying and acreage expectations for a 4% decline, while wheat was mixed, with U.S. wheat acreage seen at its lowest since 1919.
Record soybean acreage and bigger stocks are bearish for soybean meal and oil, while lower expected corn acreage supports corn prices for feed buyers.
brownfieldagnews.comJohn PerkinsMar 31, 2017brownfieldagnews.comJohn PerkinsMar 29, 2017After 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.
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.
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 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
