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Reuters reports on May 17, 2018 that CBOT wheat rose about 1.9% to $5.03-3/4 and Kansas HRW wheat rose 2.3%, after weather concerns returned over US Plains drought, dryness in Australia and Russia, and rain delays to US planting. Soybeans steadied after a near two-week low on Chinese demand fears, and corn ticked up.
Drought in major wheat exporters tightens global wheat supply and supports feed wheat substitution costs. Soybeans stay pressured by trade-related demand uncertainty, limiting protein price gains.
cnbc.comGus Trompiz, Naveen ThukralMay 17, 2018After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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 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.
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.
