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Texas AgriLife's John Robinson reports that wet El Niño-influenced weather has disrupted US cotton and corn planting, especially in the Southern Plains and Midwest. New-crop corn futures rallied while new-crop cotton stayed range-bound, and the June USDA WASDE left US cotton numbers unchanged.
Prevented planting and acreage cuts tighten the expected corn supply and support corn prices, while cottonseed meal supply may shrink with lower cotton acres.
farmprogress.comJohn RobinsonJun 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.
Not enough comparable past events yet for a historical read.
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.
