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March corn futures fell 7.25 cents for the week to $3.62½ and failed to hold above the 200-day moving average. Private acreage surveys from Farm Futures and Informa put 2017 U.S. soybean plantings well above the USDA baseline, at 88.6 to 90.5 million acres for soybeans and about 90.5 million for corn.
Larger expected soybean acres imply 150 to 240 million bushels of extra supply and higher ending stocks, which pressure soybean prices. Corn prices also face competition from more soybean plantings.
seeitmarket.comMarcus LudtkeJan 30, 2017After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
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.
