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Grain and soybean futures rose on Monday as traders reacted to flooding and crop damage from weekend storms. Non-commercial short covering was the main driver of the gains.
Short covering on wet-weather fears lifts corn and soybean prices, and continued rain over the next two weeks could extend the rally, though larger old-crop supplies limit the upside.
brownfieldagnews.comMay 2, 2017Not enough comparable past events yet for a historical read.
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.
Monday's gains in grains were driven by non-commercial short covering after flooding and storm damage, which accounts for the outsized z-score move in corn.
