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A Nidera analyst says grain prices over harvest will be set by global supply, demand, stocks and weather rather than Brexit. In June, markets rallied on adverse weather affecting Argentine soybeans and Brazil's safrinha corn.
Attention has shifted to La Nina, which could bring late-summer heat to US corn and soybean areas, though it has been weaker than feared.
Weather risk in the US and South America keeps corn and soybean prices sensitive to crop news, and a weaker pound supports UK grain prices.
fwi.co.ukStuart ShiellsJul 13, 2016After 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
