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Chicago, Kansas City and Minneapolis wheat futures rose about $3 per tonne on May 4 after corn gains, with July SRW at $266.80/t. US spring wheat planting reached 49% against 27% a year earlier, and the crop in good or excellent condition slipped to 48%.
Dry weather in Texas, Oregon and Colorado and a weaker crop rating support wheat prices. Corn-led strength adds to feed-grain demand, which keeps wheat competitive in feed rations.
graintrade.com.uaMay 5, 2021After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
