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Soybeans and corn were mixed as Argentina's harvest advanced on drier weather, while Brazil's harvest neared its end. Wheat rose on short covering and a weaker dollar, with heavy rain threatening some US winter wheat and slow spring planting in the northern Plains and Canada.
The USDA attaché in Canada put 2017/18 wheat output at 28.6 million tons, down 10%.
Slow northern planting and wet weather in the Plains provide mild support for wheat, while large South American crops cap corn and soy demand for feed.
brownfieldagnews.comJohn PerkinsApr 28, 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 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.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 15 past bullish weather events, US Dollar (Broad) moved a median +0.1% over 5 sessions (53% higher; middle half -0.3% to +0.2%), and -0.6% 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.
