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MGEX spring wheat futures soared to a 10-week high on weather concerns, while K.C. hard red winter wheat rose slightly and Chicago SRW eased. Chinese importers bought about 600,000 tonnes of US soybeans for October to December shipment, and CBOT November soybeans settled up 9-3/4 cents at $8.92-1/2.
Excess rain in the Midwest threatens crop quality and China's soybean buying supports soy complex prices, though the rally is tied to a routine weekly move.
grainews.caGFM Network NewsSep 23, 2019After 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 1,072 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.
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.
Same-day report of MGEX spring wheat surging to a 10-week high and KC wheat firming on weather concerns suggests spillover buying across US wheat, though it notes Chicago SRW eased that day.
