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Soybeans and corn rose on commercial and technical buying, with solid demand and weather concerns supporting prices. Forecast planting delays could raise US acreage and some corn acres might switch to soybeans.
Tunisia bought 92,000 tons of optional-origin milling wheat, and France reported 99% of its corn planted.
Possible prevented planting and acreage switches could tighten US corn supply and support prices, while strong South American export competition limits soybean upside. The Tunisian purchase supports wheat import demand.
brownfieldagnews.comJohn PerkinsMay 19, 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 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 55 past neutral weather events, Soybean Meal moved a median -0.1% over 5 sessions (47% higher; middle half -1.7% to +1.5%), and +0.1% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% 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.
