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CBOT December wheat rose about 3.6% to $9.03 per bushel on fears of escalating conflict between Russia and Ukraine and dry conditions in the US Plains. Corn and soybeans also closed slightly higher despite weaker vegetable oil markets.
Argentina's wheat output was projected to fall about 22% due to drought.
Geopolitical risk to Black Sea exports and drought in key exporting regions lift wheat prices, which feeds into the cost of wheat-based feed rations.
financialpost.comReutersSep 28, 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 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.
