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International grain futures rallied in recent weeks as saturated fields in the US Midwest delayed planting. US corn reached a three-year high and soybeans rose despite trade war concerns.
ASX January 2020 wheat futures spiked to A$359 a tonne amid dry conditions in Western Australia.
Waterlogged US fields and a possible switch from corn to soybean planting threaten yields and tighten feed grain supplies. Dry Australian conditions add to upward pressure on wheat prices.
farmonline.com.auGregor HeardMay 30, 2019After 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.
