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New-crop corn and soybean futures rose to near nine-year highs as the war in Ukraine and drought in South America and the US supported prices. DTN notes that Brazil's soybean yield is forecast down 14% after a drought tied to La Nina, and the seasonal forecast calls for hot, dry conditions across the Corn Belt in July and August.
Reduced Black Sea grain supplies combined with South American and possible US drought losses tighten global corn, soybean and wheat balances, pushing feed grain and protein costs higher.
dtnpf.comTodd HultmanApr 22, 2022After 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 72 past bullish geopolitics events, Soybeans moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% over 20.
After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% 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.
