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CBOT July corn settled up 25 cents at $6.31.5 a bushel, the highest since 2013, while July wheat ended at $7.10.5 and July soybeans at $15.14.25. Supplies from the 2021 US harvest are dwindling, and traders are watching a US cold spell and Brazilian dryness.
Dwindling old-crop stocks and weather risks in the US and Brazil point to tighter feed grain supply and higher prices. Wheat is also gaining as a feed substitute when corn is expensive.
agcanada.comAGCanadaApr 23, 2021
undercurrentnews.comLouis HarkellApr 23, 2021After 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 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
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.
