Loading…
U.S. corn and soybean futures rose on Monday as crude oil jumped about 15% after weekend attacks on Saudi Arabian oil facilities. Chicago December corn reached $3.74 a bushel, its highest since Aug.
30, and wheat also firmed. A tentative White House plan to raise biofuel blending requirements added support.
Higher crude lifts the value of ethanol and biodiesel, which pulls corn and soybean demand and prices up even though U.S. crop weather was favorable. Feed buyers should expect energy-linked support to persist while the crude rally holds.
financialpost.comReutersSep 16, 2019After 323 past bullish geopolitics events, Corn moved a median +0.5% over 5 sessions (57% higher; middle half -1.5% to +2.9%), and +0.9% over 20.
After 72 past bullish geopolitics events, Soybeans moved a median +0.4% over 5 sessions (60% higher; middle half -1.0% to +2.5%), and -1.0% over 20.
After 361 past bullish geopolitics events, Wheat (SRW) moved a median +0.7% over 5 sessions (58% higher; middle half -1.4% to +3.7%), and +1.3% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
