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Pro Farmer reports wheat futures rose overnight after Cargill said it will stop exporting Russian grain from July 1, with corn and soybeans following higher. USDA also announced another daily old-crop corn sale of 204,000 MT to China.
Cargill's exit from Russian exports tightens wheat supply expectations, and continued Chinese corn purchases support corn prices.
profarmer.comBrian GreteMar 29, 2023After 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 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.
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.
