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The corn spot price rose sharply in May as USDA crop progress reports showed planting falling behind multi-year averages. By early June, prices were nearly a dollar above early-May levels, an increase of over 20 percent and the highest since June 2016.
Only about 67 percent of expected 2019 corn acres were planted by the first week of June.
Slow planting raises the risk of prevented or late-planted acres, which tightens expected supply and supports corn prices. Higher corn costs also squeeze feed margins for livestock buyers.
ers.usda.govJun 28, 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.
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.
