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Wheat prices in Chicago rose 33% over the past two months after hitting a four-year low, as concerns over lower output grew. Frosts and drought in Russia, flooding in parts of Europe, leafhopper damage in Argentina and planting delays in the U.S. have prompted analysts to cut some crop and export forecasts.
Weather-driven cuts to Russian, EU and Argentine supplies are tightening the outlook after expectations of a glut, which supports wheat and corn prices. Buyers should expect firmer grain costs while weather risks persist.
producer.comReuters News ServiceMay 29, 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.
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.
