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The U.S. Grains Council market report cites China's grain output expected to exceed 700 million tons this year, 0.7% above 2023. It also notes Putin reviewing Black Sea shipping proposals from Erdogan and Ukraine's planned minimum export price system for key grains and oilseeds, expected to start in early December.
Ukraine's minimum export price system could tighten or reshape Black Sea export flows and support wheat, corn and oilseed values, while a Black Sea shipping deal could ease freight and logistics costs. China's larger domestic crop may modestly reduce its import needs.
grains.orgOct 31, 2024After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 480 past neutral trade events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% over 20.
After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% 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.
