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December corn, wheat and soybeans closed sharply higher on July 24, 2023, as Russian attacks on Ukrainian grain facilities escalated. Cattle futures fell on profit taking after recent gains.
Supply risk from the Black Sea conflict lifts global grain and oilseed prices, raising feed input costs for buyers.
profarmer.comPro Farmer EditorsJul 24, 2023After 323 past bullish geopolitics events, CORN moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
After 361 past bullish geopolitics events, WHEAT moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
After 94 past bullish geopolitics events, KWHEAT moved a median +0.1% over 5 sessions (50% higher; middle half -2.7% to +5.8%), and +0.1% over 20.
After 72 past bullish geopolitics events, SOY moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% 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.
Russian attacks on Ukrainian grain and port facilities on July 24 lifted the whole grain and oilseed complex, adding risk-driven buying to soyoil.
