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Corn, soybeans and wheat declined for the week while cotton rose. Drought in the southern Plains pushed cotton to new highs, and wheat traded in a three-week range between $5.02 and $5.54.
Above-average Corn Belt and Mid-South growing conditions drove corn and soybean harvest futures lower by 13 and 48 cents.
Favorable growing conditions in the Corn Belt weigh on corn and soybean prices, while Southern Plains drought supports wheat and cotton values.
news.utcrops.comChuck Danehower, Extension Area SpecialistJun 8, 2018After 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 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
Above-average growing conditions drove soybean harvest futures lower by 48 cents in the week, indicating a supply-expectation driver.
