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U.S. wheat, soybean and corn futures rose to multi-month highs on Monday on concerns about crop-damaging weather in Brazil and Russia. July wheat settled up 26-1/4 cents at $6.48-3/4, July corn ended up 8-3/4 cents at $4.69, and July soybeans climbed 33-3/4 cents to $12.48-3/4.
Consultancy IKAR cut its forecast for Russia's wheat crop and flooding in Rio Grande do Sul was deteriorating the soybean harvest.
Russian dryness and frost plus Brazilian flood losses tighten near-term export supplies, supporting feed grain and oilseed prices. Fund short-covering amplifies the move.
agcanada.comAGCanadaMay 6, 2024After 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 1,465 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.
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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), 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.
