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U.S. spring wheat futures on MGEX settled up 36.5 cents at $7.41 a bushel on June 29, reaching a three-year high, on expanding drought across the northern Great Plains. Statistics Canada put Canadian spring wheat planting at 15.8 million acres, down from 16.7 million intended in April.
CBOT July wheat hit a one-year peak.
Smaller Canadian and U.S. spring wheat areas plus drought tighten high-protein supplies, supporting wheat prices and feed-grain substitution costs. Corn and soybeans also firmed modestly.
farmtario.comJulie IngwersenJun 29, 2017After 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 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.
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.
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.
