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Bloomberg reports that wheat futures prices rocketed past $10 a bushel for the first time in more than a decade, reaching a 14-year high. Analysts warn that the drop in supplies could dislocate markets for years.
A surge in futures to multi-year highs raises feed grain input costs and accelerates global food inflation.
bloomberg.comMegan Durisin AlberyMar 2, 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 464 past geopolitics events, Corn moved a median +0.3% over 5 sessions (54% higher; middle half -1.6% to +2.5%), and +0.5% over 20.
After 144 past geopolitics events, Soybean Oil moved a median +0.6% over 5 sessions (56% higher; middle half -1.9% to +3.2%), and -0.6% over 20.
After 94 past bullish geopolitics events, Wheat (HRW) moved a median +0.1% over 5 sessions (50% higher; middle half -2.7% to +5.8%), and +0.1% 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.
