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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
United StatesUS Prospective Plantings - Wheat fell to 47.5M in March 2024
FMPMonthlyReleased March 2024
US Prospective Plantings - Wheat fell to 47.5M in March 2024, down 2.36M from February's 49.86M reading. The reading matched the 47.33M consensus.
Latest Release
47.498000
Actual
47.330000
Consensus
49.855000
Previous
Median Absolute Error
±0.73 million
across last 4 releases
Last Call
Mar 2024
Predicted: 47.33
Actual: 47.5
Error: -0.17
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| S&P 500 | ▲ Direct | +0.50 | INDEX | Bullish Stocks | → View |
| EUR/USD | ▼ Inverse | −0.45 | FOREX | Bearish EUR | → View |
| USD/JPY | ▲ Direct | +0.40 | FOREX | Bullish USD | → View |
| XAU/USD | ▼ Inverse | −0.35 | COMMODITIES | Bearish Gold | → View |
| BTC/USD | ▲ Direct | +0.30 | CRYPTO | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Prospective Plantings - Wheat (United States) was reported at 47.50 million in March 2024. This beat the market consensus of 47.33 million by 0.17 million. The reading fell from the previous value of 49.86 million.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with S&P 500 (Bullish Stocks). A secondary relationship exists with EUR/USD, negatively correlated (Bearish EUR).
WHAT TO WATCH NEXT
Same-country events in the next 14 days include MBA 30-Year Mortgage Rate (Jun 17) and Retail Sales MoM (Jun 17).
Auto-generated from current model state · Refreshes on each release · Last update March 2024.
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Prospective Plantings - Wheat - US
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About Prospective Plantings - Wheat — United States
DEFINITION
Prospective Plantings - Wheat is a key financial indicator that provides insight into the expected supply and demand of wheat in the upcoming growing season. It is a report released by the United States Department of Agriculture (USDA) that outlines the estimated acreage that farmers intend to plant with wheat crops. This information is crucial for investors, traders, and farmers as it can impact wheat prices and market trends. By analyzing the prospective plantings data, stakeholders can make informed decisions about their investments and production plans.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Mar 2024): actual 47.5 M, consensus 47.33 M. Prior reading (Mar 2023): 49.9 M. Before that (Mar 2022): 47.35 M.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with S&P 500 (Bullish Stocks, r=0.50) — a useful reference for index-focused traders.