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US wheat futures turned higher on concerns over Russian crop prospects, with Russia's winter wheat seeding the slowest in 11 years due to drought. Soybeans and corn also rallied as Brazilian dryness and fund short covering lifted prices.
Slow Russian winter wheat seeding raises concern about yields from the world's largest wheat exporter, supporting global wheat prices.
grainews.caJulie Ingwersen, ReutersSep 25, 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.
