Loading…
Wheat prices rose sharply on Friday on tightening domestic stocks, lower production among key competitors, and US weather problems, posting their biggest weekly gain in six years. Soybeans edged higher while corn fell over 1% on technical selling.
NOAA forecasts hot, dry weather for the central US in late July, and crude oil rose to $72 per barrel.
Tightening wheat stocks and lower competitor output support wheat prices, raising feed wheat costs. Forecast heat for the central US could revive corn and soybean weather premium, though current selling pressure limits gains.
mcgg.netJul 16, 2021After 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 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 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 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% 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.
