Loading…
Wheat futures rose overnight on dry conditions in key eastern European growing areas and dryness across the southern and central US Plains. Corn and soybean futures followed higher as traders extended net-long positions to their highest in over a year.
Dry weather in major exporting regions raises wheat supply risk, and fund buying signals expectations of further price gains. Feed grain buyers face higher corn and soybean costs.
proag.comOct 5, 2020After 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.
