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Corn prices jumped more than 10% in the week as severe Corn Belt planting delays hit, with only 30% planted versus a near 60% average. July corn traded at $3.84 per bushel on Friday.
Soybeans traded below $8 a bushel for the first time in a decade on fears of more soy acres and US-China trade disputes. Oil prices were also elevated amid US-Iran tensions over sanctions.
Expected smaller corn crop and possible switch to soybean acreage shift supply balances, while Iran tensions add upside risk to crude and energy-linked costs.
journalgazette.netWALT, ALEX BREITINGER, The Journal GazetteMay 17, 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, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% over 20.
After 24 past bullish weather events, Crude Oil (Brent) moved a median +2.8% over 5 sessions (67% higher; middle half -1.9% to +5.2%), and +6.3% 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.
