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Wheat was mostly slightly higher last week while SRW futures edged lower and prices stayed in a trading range. Russian export prices hit a new low, and export sales remained weak amid competition from Russia, Ukraine and the EU.
Corn and oats rose on speculative short covering after heavy declines.
Large world wheat supplies and low export prices keep a ceiling on US wheat values, though Red Sea disruptions offered brief support. Corn short covering may be temporary given ample supply and large fund short positions.
blog.pricegroup.comJack ScovilleMar 4, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
Corn rallied on speculative short covering after heavy declines, matching the mechanism of the 3.37% jump.
Market update describes speculative short covering in grains after heavy declines and SRW in a trading range, supporting a rebound, though weak exports and Russian competition cap the bullish case.
