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ADM's head of grain trading said US wheat prices were little changed after a volatile week, while corn fell about $15/t as corn-wheat spreads liquidated and talk of higher US corn area grew. Crop ratings for US spring wheat, corn and soybeans kept declining amid drought-like conditions in the western Corn Belt and northern Plains.
Deteriorating US crop ratings from drought raise the risk of yield losses, which supports corn prices, but expanded corn acreage talk offsets part of that. Canadian dryness adds to the supply uncertainty.
farming.co.ukJun 25, 2021After 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 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
