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Chicago, Kansas and Minneapolis wheat all fell on May 6, while Chicago corn rose slightly. Excessive moisture persists across the Spring and Soft Red Winter wheat and corn belts, with more rain and cold temperatures forecast through mid-May.
Heavy rain is also forecast for Texas, where most of the wheat crop is heading and faces quality risk.
Wet weather delays corn planting and threatens wheat quality and yield, which supports corn prices and raises the risk of a national yield loss.
graincentral.comGuest AuthorMay 6, 2019After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
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.
It confirms Chicago, Kansas and Minneapolis wheat all fell on May 6; the wet-weather crop risk it describes would normally be supportive, so it mainly documents the drop rather than explaining it.
