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The March 31 USDA Prospective Plantings report showed U.S. farmers intend to plant 89.996 million acres of corn, down 4%, and a record 89.482 million acres of soybeans, up 7%. Both figures differed from trade estimates, and corn and soybean combined area reached a record 179.5 million acres.
Corn acres below trade expectations and record soybean area point to a tighter corn balance and heavier soybean meal supply, shaping feed ingredient prices for the coming year.
fb.orgJohn Newton, Ph.D.Mar 31, 2017After 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 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 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.
