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CBOT wheat futures rallied on geopolitical tensions after Iran launched missiles at Israel and on tightening Black Sea supplies. Russian wheat export prices rose and Ukraine's crop appeared smaller than expected.
Corn hit three-month highs in support, and oil prices jumped.
Black Sea supply tightening and Middle East tensions lift wheat and corn prices, raising feed input costs.
farmtario.comP.J. Huffstutter, ReutersOct 1, 2024After 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.
After 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 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
