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Chicago soybean, wheat and corn futures surged to multi-month highs on Monday, driven by crop-damaging weather concerns in Brazil and Russia and anticipation of U.S. planting updates. StoneX's Arlan Suderman said funds are moving away from a two-year commodity deflation stance.
Russian wheat dryness and frost and IKAR's forecast cut supported wheat.
Weather-driven supply risk and renewed fund buying lift feed grain and oilseed prices. Traders will watch U.S. planting progress for confirmation.
stonex.comMay 8, 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.
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.
