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Soybeans, corn and wheat rallied, with soybeans and corn sharply higher on commercial and technical buying. Ukraine capped corn exports at 24 million tonnes through June, and Russia introduced a corn export tariff from March 1.
Brazilian harvest delays and South American weather concerns added support.
Export restrictions from Ukraine and Russia tighten global corn supply and reduce competition for US and South American exports, supporting prices. Weather risk in South America adds further upside pressure.
brownfieldagnews.comJan 26, 2021After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
After 431 past bullish trade events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.3% to +2.1%), and +0.5% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% 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.
Ukraine's corn export cap, Russia's new corn export tariff and Brazilian harvest delays cut expected export supply and raised support for corn, which fits the rally in the week to Jan 29.
