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Corn futures on the Chicago Board of Trade gave back most of their spring gains in four trading days as forecasts for an extended hot spell eased. Crop ratings were steady at 75 percent good to excellent, and the market is watching the pollination window about three weeks out.
Feed wheat has fallen back below corn, which may pull some feed demand toward wheat.
A weather-driven retreat in corn removes a risk premium, so the price bias is lower unless heat returns during pollination. Cheaper feed wheat could also shift some feed-grain demand away from corn.
grains.orgJun 23, 2016After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
