Loading…
May corn futures gained 65 cents in a week to a contract high of $6.50 1/2 as funds bought heavily and shorts covered. Dry weather in Brazil's safrinha crop, where good/excellent ratings fell from 90 to 62 percent in Parana, added to the rally.
Brazilian safrinha losses reduce export supply and strong U.S. basis supports higher corn costs for feed buyers.
grains.orgApr 22, 2021After 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.
Not enough comparable past events yet for a historical read.
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.
