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Corn futures in Chicago hit a three-year high as widespread flooding across the US Corn Belt delayed planting. USDA data showed 58% of corn planted versus 90% a year earlier, and soybeans at 30% planted against a five-year average above 70%.
Reuters estimates about 99 million acres of corn and soybeans remain unplanted.
Flooding threatens a large share of the US crop and may cut acreage and yields, pushing grain prices higher as planting windows close.
home.saxoOle HansenMay 29, 2019After 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 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.
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.
