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Wheat futures led crop markets lower on March 21, 2017 as forecast beneficial rain fell on Kansas and Oklahoma wheat fields. Wheat condition in those states declined slightly over the prior week due to dryness.
Lower equity markets, pulled down by bank shares, also weighed on crops.
Rain forecasts ease dryness concerns for Plains HRW wheat, reducing the weather premium and pushing prices lower. Feed wheat values face bearish pressure in the near term.
farmprogress.comMar 21, 2017After 70 past bearish weather events, KWHEAT moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% over 20.
After 334 past bearish weather events, WHEAT 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.
