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MGEX spring wheat futures fell 2% to their lowest since July 2018 on easing US weather concerns and weaker cash prices. The USDA's first crop condition report rated 56% of US winter wheat good-to-excellent, above trade expectations of 55%.
Soybeans rose on Chinese export sales.
Better US winter wheat conditions point to larger harvest yields, which pressures wheat prices and makes wheat cheaper as a feed ingredient. Soybean gains from China demand are a modest supportive factor.
agcanada.comAGCanadaApr 3, 2019After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% 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.
