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USDA reported corn planting at 58% complete by May 26, a record slow pace below the previous 67% benchmark from 1995. Cool, wet weather persists across the Midwest, while the South faces dryness and the Arkansas River remains above flood stage.
A record-slow planting pace raises the risk of reduced corn yields and supports higher feed grain prices.
brownfieldagnews.comGreg SouljeMay 29, 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 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 224 past neutral weather events, WHEAT moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
Record-slow corn planting at 58% by May 26 raised acreage-switch and yield concerns, supporting soybeans.
