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Farm Progress's Scott Brown reports that US corn prices hit their highest level in nearly five years in many cash markets, with December futures rising from $3.72 in May to above $4.68 in June. Over the same period October feeder cattle futures fell from $148.75 to $137.15.
Slow planting and wet weather raise uncertainty over the harvest, supporting corn prices and squeezing feeder cattle margins and demand for corn-based feed.
farmprogress.comScott BrownJul 8, 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 29 past bearish weather events, Feeder Cattle moved a median +0.5% over 5 sessions (62% higher; middle half -0.5% to +2.6%), and +2.4% 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.
