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Corn planting was 67% complete as of June 2, below the trade estimate of 71% and far behind last year's 96%. Corn rallied before retreating at resistance near $4.38 for July and $4.54 for December, while wheat fell.
Planting delays of this scale threaten yield and raise the odds of a corn supply shortfall, supporting feed grain prices. Wheat weakness suggests traders see less weather risk there.
dtnpf.comDana MantiniJun 4, 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 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
