Loading…
Grain futures held firm despite the USDA WASDE report showing larger-than-expected grain and soybean supplies. Weather concerns, including heat and dryness in the Midwest and Northern Plains, offset the bearish supply numbers.
Weather risk is outweighing the surplus signal from the USDA, so prices are likely to stay supported until the forecasts change. Corn, soybeans and wheat all carry this weather premium.
zmp.deJun 9, 2017After 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.
