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US planting is badly delayed, with 58% of corn planted by May 28 against a five-year average of 90%, and flooding has damaged wheat fields. Australian east coast and Western Australia are in drought, and local wheat cash prices rose $40 to $50 a tonne.
Lower US corn and wheat crops are pushing buyers toward wheat as a feed substitute, and Australian drought adds supply risk, supporting global wheat prices. Local Australian prices show the rally passing through to cash markets.
theland.com.auWarren LanderJun 5, 2019After 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 1,465 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.
