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A record-breaking cold and snowy April has left topsoil temperatures well below normal across the Upper Midwest and Northern Plains. As of April 22, only 5 percent of the 18 main corn states' corn was planted, against a five-year average of 14 percent, and only South Dakota had planted any wheat.
Late planting raises the risk of yield loss and can tighten near-term supply expectations, supporting corn, soybean and wheat prices. The effect depends on whether May weather allows planting to catch up.
agri-pulse.comFran HowardApr 25, 2018After 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.
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 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.
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.
