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NYMEX natural gas rose over 16% in the week, while oats, soybean oil and wheat futures gained 9-12%. Rough rice fell 7% and WTI crude rose 2.3% to $71.78, with corn up 6%.
Higher natural gas raises nitrogen fertilizer and drying costs, and gains in wheat, oats and corn signal firmer feed grain values. These are routine weekly price moves with no single new cause.
traderscommunity.comKnovaWaveJun 17, 2023Not 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.
Weekly outlook directly documents soybean oil futures gaining roughly 9-12% in the week to mid-June, matching the move, with crude oil also firmer, though it mostly describes rather than explains the rally.
Weekly market recap through 2023-06-17 shows soybean oil futures rallying 9-12% alongside grains and crude, indicating strong momentum and sentiment that plausibly carried into the 4.69% move on 2023-06-19.
