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CBOT corn and wheat declined over the week ended November 1 as the Federal Reserve held rates at 5.25-5.5%. US wheat exports reported at 7.114 million tonnes lagged the prior year's 9.65 million as Russian wheat undercut US supplies.
Weak US export demand versus cheaper Black Sea wheat keeps pressure on US wheat prices, while the Fed hold was largely expected and had little price effect.
grainews.caGFM Network NewsNov 1, 2023After 375 past bearish trade events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -2.0% to +1.1%), and -0.1% over 20.
After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.
After 82 past bearish trade events, Wheat (HRW) moved a median -0.3% over 5 sessions (48% higher; middle half -2.8% to +1.9%), and +0.1% 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.
