Loading…
A weekend snow and wind storm damaged ripening wheat across Kansas, Colorado, Oklahoma and Nebraska, and forecasters expected more heavy rain across the Mississippi Valley. Early estimates put crop losses above 50 million bushels.
Chicago wheat posted record one-day gains, with hard red winter futures up 6.5 percent and soft red winter up 5.5 percent, while corn also climbed.
Losses above 50 million bushels and record price gains point to a real tightening of U.S. wheat supply, and flooding in the Midwest adds risk to corn planting. Buyers of feed grains should expect firmer prices while losses are confirmed.
carriermanagement.comBrian K. Sullivan, Jeff WilsonMay 2, 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 1,072 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.
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.
