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Pro Farmer expected grain and soybean futures to open higher on May 2, 2024, following overnight strength. Heavy rain in the central US was delaying planting, and wet weather was forecast to persist for 7 to 10 days.
Ukrainian wheat and corn exports were also projected to fall about 25% in 2024-25 on smaller plantings.
Planting delays in the US and reduced Ukrainian export supplies tighten global grain balances and support corn and wheat prices. Feed buyers face higher costs for corn and other grain-based feed ingredients.
profarmer.comBrian GreteMay 2, 2024After 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 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 1,072 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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
