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USDA's June 30 acreage report showed soybean plantings of 89.5 million acres, below trade expectations, and corn at about 90.9 million, above forecasts. Wheat acreage at 45.66 million was also below most estimates, and soybean June 1 stocks came in under average forecasts.
Smaller soybean and wheat acreage plus lower soybean stocks tighten those balance sheets and support prices, while the larger corn acreage weighs on corn.
farmprogress.comBob Burgdorfer Senior Editor, Farm FuturesJun 30, 2017After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 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.
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.
