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Grain prices rose sharply, with corn and wheat up over 25% on unfavorable weather and soybeans up about 12% amid US-China trade tensions and weak Chinese demand. Corn planting was 58% complete versus a 90% five-year average, and soybean planting at 29% versus 70%.
Analysts describe the planting season as the worst in 30 years.
Late planting from flooding and weak export demand from the trade dispute support prices, though the rally may be extended. Lower acreage risk drives the upside for corn and wheat.
xtb.comMay 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 1,072 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 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.
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.
