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Improved July weather in the US Midwest has eased concerns over the corn crop, cooling the corn market and removing the heat that lifted wheat in June. Brazil is forecast to produce a record corn crop of more than 100 million tonnes.
Better US crop prospects and record Brazilian corn supply weigh on global corn prices, which lowers feed costs for buyers, while wheat loses its weather-driven support.
theland.com.auCheryl Kalisch Gordon, RabobankJul 31, 2019After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), 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.
