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The FAO reported that its global grain price index for September rose 3% month-on-month but was 10.2% below a year earlier, with wheat up on weather concerns in Canada and the EU. Corn prices rose on low river levels on the Madeira and Mississippi and strong Brazilian demand.
Vegetable oil prices climbed 4.6% to their highest since early 2023.
Low Mississippi water levels raise barge freight and transport costs for feed grains, while higher vegetable oil prices lift the cost of oilseed-based feed ingredients.
world-grain.comChris LyddonOct 24, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% over 20.
After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% 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.
