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U.S. corn futures rose nearly 2% on May 19, 2017, to a one-week high as cool temperatures and excess rain in the Midwest led traders to cover short positions. Soybeans firmed after Thursday's selloff, and wheat climbed on wet conditions in winter wheat areas and a weaker dollar.
Flooding and poor emergence may force corn reseeding, and late planting cuts yield potential, supporting corn and wheat prices.
agcanada.comAGCanadaMay 19, 2017After 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.
After 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.
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.
Wheat climbed on May 19 on wet winter wheat conditions and a weaker dollar, which set up the rally carried into the May 22 session.
