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CBOT wheat rose about 3% on forecasts of dry conditions that could further stress a damaged U.S. winter wheat crop. Heavy rain in the northern Plains and western Midwest was expected to delay spring planting.
Corn gained 1.6% after China dropped its anti-dumping probe into U.S. sorghum.
Crop stress in the U.S. Plains reduces wheat supply and supports prices. Planting delays and China's sorghum decision add support to corn and soybeans.
cnbc.comMark WeinraubMay 18, 2018After 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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 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.
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.
On 18 May CBOT wheat rose about 3% on dry forecasts stressing a damaged US winter crop, momentum that carried into the 21 May session.
