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Wheat rallied through the prior week on expected poorer crops in Canada and Europe, rising 5% in Europe and 4% in the US. Hurricane Ida continues to disrupt US grain exports, with weekly export inspections down 50% week-on-week, and Brazil's new-crop corn planting is 4% behind last year due to delayed rains.
Lower Canadian and European wheat output tightens export supplies, while Ida-related export delays weigh on US corn and wheat shipments and add to freight costs, supporting prices in the near term.
czapp.comAlberto CarmonaSep 22, 2021After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
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.
Not enough comparable past events yet for a historical read.
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.
