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Chicago corn futures hit a 15-month high after underwhelming rain and hot, dry forecasts for Argentina's drought-hit corn and soy belt. Wheat rose on spillover support from corn, while a large Brazilian soybean harvest capped soybean gains.
Argentine yield losses tighten world corn supplies and support feed grain prices, while Brazil's big soybean crop limits upside for soy and meal.
agcanada.comAGCanadaJan 29, 2025After 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 1,072 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 324 past neutral weather events, SOY moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
