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US grain futures fell sharply on Wednesday as rain-damage fears eased and warmer forecasts opened a planting window for soybeans. Wheat hit near a one-week low on profit-taking, while corn was pressured by a possible US-Mexico tariff fight that Mexico has not yet targeted at corn.
Easing weather risk removes the premium that had supported grain prices, and profit-taking adds to the decline. Possible Mexican retaliation against US corn remains a downside risk for feed demand.
grainews.caGFM Network NewsJun 5, 2019After 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.
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 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.
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.
