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Winter wheat futures rose sharply as Russia-Ukraine war disruptions hit global trade, with corn and soybeans also higher. Corn export inspections fell short of the pace needed for USDA's forecast, and soybean export demand slowed as China pulled back purchases.
Soybeans briefly traded above $17 on rallies in wheat and crude oil.
War-related trade disruption supports wheat, corn and soybean prices, though softer export demand limits further upside in soybeans.
profarmer.comPro Farmer EditorsMar 21, 2022After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
After 72 past bullish geopolitics events, Soybeans moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% 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 sharp winter wheat gains as Russia-Ukraine war disruptions hit global trade, supporting the supply-shock mechanism.
Winter wheat futures rose sharply on 3/21 as war disruptions hit global trade, with crude oil and wheat rallies reinforcing each other.
