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Chicago wheat rose 1.8% on crop concerns after Coceral cut its EU and UK grain crop estimate to 280.3 million tons from 296 million. Soybeans rose on dry weather delaying Brazilian planting, and corn also gained, while cheap Russian export wheat capped rallies.
Smaller European crops and slow Brazilian soybean planting support grain prices, but low Russian export offers limit how far wheat can climb.
brecorder.comReutersSep 23, 2024After 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 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% 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.
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.
Coceral's cut to the EU/UK grain crop estimate lifted Chicago wheat 1.8% on supply concerns.
Same-day report of Chicago wheat rising on Coceral's cut to EU/UK crop estimates, a supply shock that fed buying, though the 1.8% gain is smaller than the 7.26% move and cheap Russian wheat capped rallies.
