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Global wheat production is becoming more sensitive to weather as dryness affects major wheat regions, especially the Black Sea. EU grain production estimates have been cut, while recent US planting progress and favourable weather pressured maize.
Dryness-driven cuts to wheat supply support wheat prices and could lift maize as wheat pulls it higher, while favourable US weather limits corn gains.
farmersjournal.ieAndy DoyleJun 6, 2018After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
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.
