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U.S. wheat futures jumped 6% to a two-week high on Monday, and corn rose 1.6%, after Russia withdrew from the Black Sea grain export agreement. Concerns grew over global grain supplies from Ukraine.
Losing the safe corridor for Ukrainian grain exports tightens global wheat and corn supply, pushing feed grain and wheat prices higher and raising costs for feed buyers.
reuters.comJulie IngwersenOct 31, 2022After 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 152 past geopolitics events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.6% to +2.1%), and +0.8% 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.
Not enough comparable past events yet for a historical read.
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.
