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US wheat futures surged on April 3 led by hard red winter wheat after USDA rated the Plains crop in the worst shape in 16 years, with only 32% of winter wheat rated good to excellent. Cold, wet weather in the central US also raised concerns about delayed corn planting.
Poor HRW crop ratings tighten US wheat supply and support prices, while planting delays add upside risk for corn and feed grain costs. Trade war fears with China cap the rally.
agcanada.comAGCanadaApr 3, 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 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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
