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Chicago corn futures rose for a seventh straight session on May 21, 2019, the longest rally in two years, to a one-year high of $3.94 a bushel. Wheat jumped to a three-month high on adverse weather in parts of the U.S. grain belt.
Soybeans also gained.
Slow U.S. planting raises fears of abandoned acreage and lower yields, supporting corn and feed-grain prices. Wheat gains on weather stress also lift the feed-grain complex.
reuters.comNaveen ThukralMay 21, 2019After 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 1,072 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.
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.
Seventh straight corn gain and wheat strength on adverse weather on May 21 spilled over to soybeans, lifting them.
