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Chicago wheat fell to a nearly three-week low on Nov. 30 as Omicron variant fears pushed investors to cut risk, with the most-active contract settling 35 cents lower at $7.87 1/4.
Corn and soybeans also declined, with soybeans down for a fifth straight session as crude oil fell sharply.
Demand fears and a weaker crude market pressured feed grain prices, though improving export demand at lower prices could stabilize markets. Energy-linked weakness reduces support for biofuel-linked crops.
agcanada.comAGCanadaDec 1, 2021After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
