Loading…
World wheat prices rallied after higher FOB Black Sea prices, with feed wheat also supported by strong soymeal, which hit 20-month highs on Argentina's deepening drought. La Niña is blamed for the drought, and Argentine soybean and corn conditions declined further in the Buenos Aires Grain Exchange report.
Basis improved in the US, Canada and Russia as cold weather slowed logistics.
Argentina's crop losses tighten soymeal and feed grain supply, lifting feed wheat and corn values. Logistics delays in Russia and Canada add further support to nearby prices.
agriculture.comLouise GartnerFeb 16, 2018After 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 453 past bullish weather events, SBM moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
