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Soybeans, corn and wheat dropped sharply on profit taking and technical selling after the previous day's USDA report. Rain in parts of the Midwest and Plains eased weather worries, though some areas experienced flooding and the western Plains are expected to turn hot and dry again.
Improved rainfall and weaker export sales reduce the weather premium in grain prices, which lowers feed grain costs. Renewed western heat could limit the downside if dry weather returns.
brownfieldagnews.comJohn PerkinsJul 13, 2017After 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.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 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 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
