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Chicago soybean and wheat futures rallied on May 20, 2019 on short-covering and wet US weather that stalled planting. Corn hit a near one-year high after a sixth straight session of gains, and Russian export prices for new-crop wheat rose with global benchmarks.
Stalled US planting and short-covering push feed-grain benchmarks higher, lifting costs for buyers. Rising Russian wheat export prices confirm a firmer global wheat tone.
brecorder.comMay 20, 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 1,079 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.
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.
Directly describes the May 20 wheat rally on short-covering and wet US weather stalling planting, the day of the move.
May 20 soybean rally on short-covering and wet weather that stalled US planting, a supply-risk driver inside the 5-day window.
Earlier rally on May 20 from short-covering and wet weather stalling planting shows the weather-driven momentum that likely carried into the May 27 move.
