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CBOT wheat settled about 1% higher on July 29, with corn and soybeans also firm on dry Midwest weather. SovEcon cut its forecast for Russia's 2019/20 grain exports by 7 million tonnes to 41.9 million tonnes.
Corn and soybean prices were supported by the Midwest dryness.
Lower Russian export availability and Midwest dryness both support wheat, corn and soybean prices, which raises feed grain costs.
agcanada.comAGCanadaJul 29, 2019After 1,072 past bullish weather events, WHEAT 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.
After 1,079 past bullish weather events, SOY moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), 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.
