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Wheat rose about 1.5% on the Chicago Board of Trade on Thursday, with corn and soybeans also higher, following an 8%-plus wheat rally the previous day. The moves came after Russia's withdrawal from the Black Sea grain deal raised food crisis fears.
Sharp wheat and corn gains reflect the loss of Black Sea export capacity and a repricing of supply risk. Feed buyers should expect higher input costs while the corridor remains uncertain.
theguardian.comJoanna PartridgeJul 20, 2023After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
After 72 past bullish geopolitics events, Soybeans moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% 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.
