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Chicago corn and soybean futures steadied after multi-week lows as forecasts of rain in Brazil and Argentina eased dry-weather concerns. Brazil's Conab expects a 166.05 million ton soybean crop and 119.74 million tons of corn, and wheat rose on expected lower Russian shipments and a downgraded French crop.
Improved South American rainfall and a record Brazil crop add supply comfort, while Russian export shortfalls and French crop cuts give wheat some support.
brecorder.comReutersOct 16, 2024After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
