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Corn futures in Chicago rose as much as 4.1% to $6.315 a bushel, the highest since 2013, while wheat gained 5.3% and soybeans topped $15 a bushel for the first time since 2014. Bloomberg reported that China bought U.S. corn for fourth-quarter shipment from the coming harvest.
Tight global supplies and Chinese buying for future delivery signal firm feed grain costs ahead of the new crop. Buyers should expect elevated corn and soybean meal prices to persist.
farmpolicynews.illinois.eduKeith GoodApr 23, 2021After 729 past bullish trade events, CORN moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 696 past bullish trade events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 431 past bullish trade events, WHEAT moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% 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.
