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Chicago grain futures reacted to late spring rains that have delayed corn and soybean planting, with some corn acres possibly never planted. Corn fell about 3 cents on forecasts of better weather, while soybeans held steady despite losses in the prior session.
Planting delays can shift acres from corn to soybeans and lower corn yield potential, but improved forecasts are currently weighing on corn prices.
farmanddairy.comMarlin ClarkMay 30, 2017After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
