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StoneX reports HRW wheat leading the market lower after good/excellent ratings rose 2% to 21%, still down 9% year over year. It also notes Ukraine's agribusiness groups expect 2023 grain output of 35-40 MMT and a possible 30% drop in corn plantings.
Improving US HRW crop ratings weigh on wheat prices, while Ukraine's expected output drop could tighten exportable supplies later in the year.
stonex.comCraig TurnerJan 31, 2023After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 1,964 past weather events, Soybeans moved a median +0.1% over 5 sessions (51% higher; middle half -1.7% to +1.8%), 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.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
