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US wheat prices rose to about seven-month highs after USDA data showed Kansas wheat only 12 per cent good to excellent, with ratings also falling in several other states. Drought covers over 70 per cent of Kansas and all of Oklahoma.
Soymeal futures also reached life-of-contract highs on scant Argentine rainfall.
Poor US crop ratings signal lower HRW output and tighter supply, supporting wheat prices. Argentine dryness threatens soymeal supply, a key protein for feed, which pushes meal prices higher.
agcanada.comAGCanadaFeb 28, 2018
grainews.caMichael Hirtzer, GFM Network NewsFeb 27, 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 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.
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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
