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CBOT May wheat settled up 24.5 cents to 453 cents and KC wheat rose 22.5 cents, while corn and soybeans also gained. Lighthizer said US-China trade talks were in their final weeks but a deal was not assured.
Crude oil and currencies firmed against the dollar.
Hopes for a US-China trade deal support demand expectations for soybeans and grains, while the broader market was lifted by a short-covering rally. Price direction depends on whether the trade talks resolve.
graincentral.comGuest AuthorMar 12, 2019After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 102 past bullish trade events, Wheat (HRW) moved a median 0.0% over 5 sessions (49% higher; middle half -2.0% to +3.5%), and -1.4% over 20.
After 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, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% 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.
Reports KC and CBOT wheat settling sharply higher on short-covering and US-China trade-deal optimism, consistent with the rally, but it is dated a day after the move.
