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Corn futures closed higher for a fourth straight week as cold, wet forecasts threatened the last of Midwest planting and possibly required some replanting. Soybeans rose on the day as the Brazilian real recovered about half its losses after a bribery investigation into President Temer.
Wheat gained sharply as hard red winter wheat recovered after storms and flooding were forecast for the Plains and Midwest.
Delayed planting and possible replanting raise weather risk to the US corn crop, supporting corn prices. A firmer Brazilian real makes Brazilian soybeans more competitive for export, which caps soybean gains.
feedstuffs.comBob Burgdorfer 1May 20, 2017After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 244 past bearish events of any kind, Brazilian Real (BRL per USD) moved a median -0.4% over 5 sessions (43% higher; middle half -1.7% to +0.9%), and +0.1% 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.
