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Chicago wheat futures fell as rains hit drought-stricken US Plains, with the most-active contract settling 2-3/4 cents lower at $5.70½. Drought affected 62% of the US winter wheat crop, up from 58% a week earlier.
Corn and soybeans also eased on harvest sales, while soybeans gained on international demand.
Rain relief in the Plains eases near-term drought risk to wheat, while heavy farmer selling of corn pressures prices; soy supported by crude and palm oil.
agriculture.comReutersOct 31, 2024After 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 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 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
