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CBOT corn settled higher on Friday, tracking dry weather in Argentina and questions about Ukraine's harvest. Wheat fell sharply to its lowest since August 22 on competition from Russian wheat, while Argentina reinstated a preferential soy dollar FX rate for exports.
Argentine dryness and Ukraine harvest uncertainty support corn, while cheap Russian wheat and Argentina's FX incentive for soy exports pressure wheat and soybean prices.
agriculture.comReutersNov 25, 2022After 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 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
Not enough comparable past events yet for a historical read.
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.
