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US corn futures firmed on April 29, 2019 as wet weather delayed Midwest planting and more rain was forecast. Soybeans fell to a contract low on sluggish exports and worries that late corn planting could shift acres to beans, while wheat slumped on ample world supplies.
Planting delays raise the risk of corn acreage shifting to soybeans, which can tighten or loosen feed grain balances later in the season. Ample wheat supplies keep wheat-based feed competitively priced.
agcanada.comAGCanadaApr 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 363 past bearish weather events, SOY moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
States wheat slumped on April 29 on ample world supplies, a supply-driven explanation for the one-day drop.
