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CBOT wheat, led by KC, rallied sharply on speculative short-covering after weekend flooding, heavy snow and freezing temperatures. Corn planting was at 34% and spring wheat only 31% planted versus a 46% average.
Cattle futures closed mostly lower after opening higher, with Choice cutout up modestly.
Weather damage to wheat and delayed planting raise expectations of tighter feed grain supplies, supporting corn and wheat prices. Cattle weakness on corn strength shows feed cost pressure on the livestock complex.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
May 1 close report: wheat rallied on speculative short-covering after weekend flooding and snow, with corn planting at 34% and lifting corn in sympathy, matching the date of the move.
