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Grain markets rose on May 21, 2019 as US heavy rain forecasts worsened planting conditions. July corn gained about 50 cents over the week, and the USDA later confirmed 49% of corn planted against an expected 50%.
Wheat rose on rain-damaged mature crops in the Hard Red Winter belt.
Late planting and wet conditions cut expected corn yields and acreage, supporting feed-grain prices. Heavy rain on mature HRW wheat adds quality risk.
graincentral.comGuest AuthorMay 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 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.
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.
Heavy rain forecasts and rain-damaged mature HRW crops raised supply concerns and lifted wheat early in the window.
