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U.S. corn futures rose more than 3% and soybeans bounced from a decade low as USDA data showed planting well behind pace, with 30% of corn and 9% of soybeans planted. Wheat also firmed about 2%, and short-covering added to the rally.
Planting delays raise the risk of a smaller or later U.S. crop, which supports corn, soybean and wheat prices and tightens feed grain supplies for buyers.
manitobacooperator.caGFM Network News, Julie IngwersenMay 14, 2019After 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.
Planting delays (9% of soybeans planted) and short-covering sparked a rally from decade lows, matching the sharp one-day move in soybeans.
