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US corn futures extended their rally to a four-month high on May 17, 2019, on forecasts of heavy Midwest rain that would worsen planting delays. Wheat touched a six-week high on excess moisture concerns for spring wheat sowing, while soybeans fell sharply.
Planting delays and possible acreage shifts from corn to soybeans shape feed-grain supply expectations. Wet conditions also raise wheat disease risk, supporting feed-grain prices.
grainews.caGFM Network NewsMay 17, 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 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
Prior-session wheat six-week high on excess moisture and corn rally built momentum and a short-covering backdrop for May 20.
