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Maize prices surged in May after heavy rain and flooding across the US Corn Belt delayed planting. USDA data showed US corn planting 49% complete versus 78% last year and an 80% five-year average, and new-crop Chicago futures rose over $10/t in a week.
Argentina's maize area also fell 5% on flooding in the north.
A reduced US crop and lost planted area tighten global corn supplies, lifting feed grain costs for buyers. Argentina's flood-related area cut adds upward pressure, though its area remains well above average.
thegrocer.co.ukCarina PerkinsMay 24, 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.
