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US grain futures closed higher on December 31, 2024, with corn up 6 cents to its highest level since June, soybeans up 16 to 18 cents and wheat up 2 to 4 cents. Dry weather and forecasts of hot, dry conditions in Argentina and southern Brazil drew speculative and global buying.
Dryness in South American crop areas raises the risk of supply shortfalls for feed grains and meal, supporting US corn and soybean prices and feed costs.
agriculture.comDec 31, 2024After 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.
After 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.
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.
