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Pro Farmer's morning outlook on October 24 expected corn and wheat to open lower and soybeans firmer, citing a strong US dollar index rally. Consultant Michael Cordonnier kept Brazil soybean and corn estimates at 162 and 125 MMT with a neutral-to-lower bias, and Russia's 2023 grain harvest is expected near 140 MMT.
A stronger dollar and a large Russian harvest pressure wheat and corn prices, while Brazilian crop uncertainty and planting delays provide some support for soybeans.
profarmer.comBrian GreteOct 24, 2023After 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 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 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 15 past bullish weather events, US Dollar (Broad) moved a median +0.1% over 5 sessions (53% higher; middle half -0.3% to +0.2%), and -0.6% 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.
