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Wet weather stalled harvests in parts of Europe, including France and Germany, and raised quality concerns. Global wheat futures firmed after Ukrainian drones reportedly damaged a warship at Novorossiysk, though loadings there resumed, and US soybean futures rose on strong export sales and lower yield estimates.
Quality concerns and Black Sea port disruption support wheat prices, while lower US soybean yield estimates lift soybean meal values for feed buyers.
ahdb.org.ukAug 4, 2023After 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 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
