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Oat prices hit a new record high as drought and planting problems reduced acreage and yields in North America. Spring wheat also traded at its highest level since 2012, and economists discussed whether high oat prices will pull acres from corn and soybeans.
Tight oat and spring wheat supplies support feed and food grain prices, while the question of acreage shifts next spring could affect corn and soybean supply later.
agweb.comTyne MorganOct 29, 2021After 68 past bullish weather events, Oats moved a median -0.8% over 5 sessions (47% higher; middle half -3.6% to +3.9%), and -0.3% over 20.
After 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.
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.
