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Grain markets closed mostly lower on improved weather forecasts and heavy fund selling, with July corn down 10 cents to $8.03 1/2. Corn planting reached 14% versus a 33% five-year average, and soybean planting reached 8% versus 13%.
Livestock futures closed mixed, with June hogs down and June cattle up.
Warmer, drier forecasts reduce weather-related risk premium, but planting delays keep yield concerns alive. Fund liquidation drove the sell-off more than fundamentals.
ukragroconsult.comMay 2, 2022After 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 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.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% over 20.
After 10 past bearish weather events, Lean Hogs moved a median -0.6% over 5 sessions (20% higher; middle half -2.7% to -0.2%), and -4.3% 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 2 grain selloff: heavy fund selling and improved weather forecasts pushed July corn down 10 cents to $8.03 1/2 in a very volatile session.
