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The USDA March 31 Prospective Plantings report set out 2017 row crop and spring wheat intentions, and the market's focus has shifted to spring and season weather. Conditions are mostly favorable, with California moving from drought concerns to flood control after heavy rains and snowpack.
Favorable planting weather points to adequate crop supplies, which is bearish for feed grain prices, though the season is still open to weather risk.
foodbusinessnews.netRon SterkApr 4, 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 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
