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US wheat futures rose 3.5% on Wednesday on technical buying and rumours that Russia may curb wheat exports, traders said. Soybeans and corn closed modestly higher following wheat.
Russia's agriculture ministry is set to meet grain exporters on Sept. 3 to discuss the market situation.
Russian export curbs or an export tax at 25 million tonnes would tighten world wheat supply after a poor Russian harvest, supporting wheat prices and feed-grain substitution demand.
manitobacooperator.caGFM Network News, Julie IngwersenAug 29, 2018After 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 94 past bullish geopolitics events, Wheat (HRW) moved a median +0.1% over 5 sessions (50% higher; middle half -2.7% to +5.8%), and +0.1% 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.
