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U.S. wheat futures were flat on May 3, 2017 while traders waited for an assessment of crop damage from a weekend snowstorm in Kansas. Scouts on the Wheat Quality Council tour reported flattened and broken hard red winter wheat in the hardest-hit fields, and agronomists said the full extent of damage could take two weeks to determine.
Corn and soybeans rose on concerns that Midwest heavy rain would force replanting.
Damage to Kansas hard red winter wheat tightens near-term supply and supports K.C. wheat prices until yield losses are measured. Replanting delays from Midwest rain can also reduce corn and soybean acreage or yield, which supports those prices.
grainews.caGFM Network NewsMay 3, 2017After 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.
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.
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.
