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Nigerian commodity exchange data showed sorghum and maize gaining over the week of October 18, 2022, with sorghum up 3.24% and maize up 3.03% in the open market. Flooding in key producing states was cited as a driver, while soybeans fell 2.47%.
Flood damage in producing regions and domestic demand support local grain prices, but the effect on global feed supply is small.
businesstrumpet.comBusinessTrumpetOct 18, 2022Not enough comparable past events yet for a historical read.
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 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
