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U.S. soybean and corn futures rose on bargain buying and short-covering after recently hitting three-year lows. Wheat also traded higher, while plentiful South American supply limited gains.
Traders were awaiting a USDA supply and demand report due Friday.
Short-covering ahead of a major USDA report can lift feed grain prices temporarily, but abundant South American supply caps the rebound and keeps the broader price outlook weak.
farmtario.comMar 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.
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.
On 2024-03-04 corn rose on bargain buying and short covering after three-year lows, which directly explains the sharp one-day rebound.
On March 4 grains bounced on bargain buying and short covering after three-year lows, with wheat higher, which is consistent with a sharp one-day rebound in SRW.
