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Grain and livestock futures closed sharply lower on May 31, with July wheat limit down and corn and soybeans falling in sympathy. Traders reacted to talk of a Russian-allowed safe corridor for Ukrainian grain exports through the Black Sea, along with fast US planting progress.
Cattle and hog futures also closed lower.
Possible Black Sea export flows would add supply to world wheat and corn markets, pressuring feed grain prices.
kyfb.comMay 31, 2022After 80 past bearish geopolitics events, Wheat (SRW) moved a median -0.4% over 5 sessions (44% higher; middle half -1.4% to +1.9%), and -0.5% over 20.
After 87 past bearish geopolitics events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +2.1%), and +0.3% over 20.
After 53 past bearish geopolitics events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -1.9% to +1.2%), and +1.0% over 20.
After 14 past geopolitics events, Live Cattle moved a median -0.5% over 5 sessions (21% higher; middle half -1.3% to -0.0%), and +0.2% 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.
