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Russia declared a state of emergency in its grain-growing regions after frosts, which are likely to damage the wheat crop. The declaration lifted grain prices across the board following a bullish May WASDE.
Analysts said the market had already priced in much of the risk and the scale of damage was still unknown.
Russian wheat losses reduce Black Sea export supply and push up world wheat prices, which raises feed grain costs. Corn and other feed grains often follow wheat higher as substitutes.
czapp.comAlberto CarmonaMay 13, 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.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
Not enough comparable past events yet for a historical read.
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.
