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US wheat and soybeans edged higher on Monday as forecasts showed little rain for dry Plains wheat and Argentine drought areas. May Chicago wheat and Kansas City HRW rose about 1 to 2 per cent.
Traders positioned ahead of a USDA report expected to show slightly larger US wheat stocks.
Ongoing Plains dryness supports HRW wheat prices, while Argentine drought underpins soybean values. Expectations for a larger USDA stocks figure may limit further gains until the report is released.
albertafarmexpress.caMichael HirtzerMar 5, 2018After 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 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 1,079 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.
