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Planting in much of the Midwest and Plains was paused by rain, snow and cold weather, pushing corn above $6 for the first time in years and soybeans to multiyear highs. Adverse weather overseas and Ukraine-Russia tensions also supported wheat prices.
Planting delays raise concerns about yield potential and tighten the outlook for feed grains and oilseeds. Continued wet or cold weather would keep prices supported.
farmprogress.comBen PotterApr 21, 2021After 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, SOY 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 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.
