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CBOT wheat led grains higher while corn and soybeans finished near unchanged on good export sales. Wheat was supported by short covering and reports of EU wheat price increases after wet-weather production cuts.
Lean hogs closed lower on weaker cash prices and the August contract hit a new contract low.
EU production cuts from wet weather support wheat prices, while weak cash hogs pressure hog futures and demand for hog feed.
kyfb.comAug 3, 2016After 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 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% over 20.
After 10 past bearish weather events, Lean Hogs moved a median -0.6% over 5 sessions (20% higher; middle half -2.7% to -0.2%), and -4.3% 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.
