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Wheat production estimates fell due to weather problems in Russia and Argentina, lifting wheat futures. Crude oil prices rebounded on fears of a wider Middle East war involving Israel and Hezbollah, and Chinese importers appear to be buying Canadian canola early ahead of a possible anti-dumping duty.
Lower wheat output and early Chinese canola buying tighten supplies for feed grains and oilseed meal, while higher crude oil supports vegetable oil prices.
producer.comD'Arce McMillanOct 15, 2024After 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.
Not enough comparable past events yet for a historical read.
After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% 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.
