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US July corn rose to 4.60-1/4 USD/bu, its highest since late January, after touching 4.68. July soybeans settled at 12.15 USD/bu and July wheat at 6.22-1/2 after Russian dryness lifted wheat.
Brazilian flooding and Argentine corn disease and cuts to its harvest estimate supported prices.
Argentine corn crop cuts, Brazilian flood disruption and Russian dryness reduce global feed grain supplies, supporting corn, soybean and wheat prices.
cnbc.comReutersMay 4, 2024After 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, 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.
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.
Broad grain rally on global crop weather woes, with Brazil flooding supporting soybeans, plus spillover from corn and wheat strength.
