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CBOT futures rallied on March 1, 2018, led by wheat, after dry weather in the US Plains and Argentina. Wheat broke above chart resistance and short covering added to the gains, while corn and soybeans also rose.
Lean hogs closed lower on weak pork values.
Dry Plains weather threatens hard red winter wheat yields and Argentine weather threatens soy and corn, supporting feed grain and meal prices. Weak pork values point to softer hog prices.
kyfb.comMar 1, 2018After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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, SOY 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.
