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U.S. wheat futures rallied on Friday, with the most-active CBOT soft red winter contract posting its biggest daily gain since October 31 on concerns that Russia-Ukraine escalations could disrupt Black Sea shipments. K.C. hard red winter futures rose five weeks in a row.
Ukraine proposed raising the minimum ship tonnage for its grain corridor, while Russia said it had not been able to export grain under the Black Sea deal.
Renewed threats to Black Sea shipments tighten global wheat supply expectations and lift feed-grain sentiment, supporting prices for wheat and corn used in feed rations.
agriculture.comReutersFeb 10, 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 94 past bullish geopolitics events, Wheat (HRW) moved a median +0.1% over 5 sessions (50% higher; middle half -2.7% to +5.8%), and +0.1% 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.
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.
