Loading…
Wet weather in the US corn belt pushed Chicago wheat futures to new highs, with July contracts trading near 544 cents per bushel, the highest since the May low. Rain is disrupting the winter wheat harvest and hampering replanting of failed corn crops.
Wheat is following corn higher, and lower-quality wet-harvested wheat is likely to flow into feed markets, supporting feed grain prices.
farmonline.com.auMalcolm BartholomaeusJun 17, 2019After 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.
After 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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
